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Most Shanghai copper futures fell on Monday, bucking an uptrend on the London Metal Exchange, as expectations of ample supply of the physical metal kept up pressure on the domestic market. Spot market prices and nearby futures rose following the expiry of the July contract on Friday, as the backwardation lifted August futures.
Most-active September futures ended at 33,270 yuan ($4,020) a tonne, up 80 yuan from Friday's close. Front-month August closed up 130 yuan at 34,110 yuan a tonne, in an 840-yuan backwardation. Combined volume shrank to a thin 58,878 lots from 72,318 lots in the previous session.
Physical demand remains weak domestically due to high prices, a seasonal lull and operational cuts because of power rationing at some copper product manufacturers.
Copper inventories in exchange warehouses rose by 9,107 tonnes to 39,742 tonnes in the week ended Thursday, according to Shanghai Futures Exchange data published after the market closed on Friday.
Spot prices rose to 34,310-34,580 yuan a tonne at midday, up 150 yuan from the same time on Friday. Benchmark London Metal Exchange copper futures traded at $3,360.50 a tonne at 0702 GMT, up from $3,357.50 at about the same time on Friday. Trading was thin during the Asian day due to a holiday in Japan.
Most Shanghai aluminium futures fell on Monday, as the prospect of greater domestic supply weighed on the market.
Most-active October futures ended at 16,610 yuan a tonne, down 60 yuan from Friday's close. Trading volume slipped from a heavy 19,154 lots to 18,490 lots.
Benchmark LME aluminium futures traded at $1,843.50 a tonne at 0700 GMT, up from $1,840.50 a tonne at about the same time on Friday.

Copyright Reuters, 2005

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