Shanghai base metals rallied more than 2 percent on Monday and London futures also surged on stronger-than-expected Chinese import data released on Sunday. China's unwrought copper imports jumped by more than a quarter in December, reaching 369,368 tonnes after the previous month's 290,158 tonnes, Customs data showed on Sunday.
"Asia opened higher and I think this will be a very strong week. The whole complex is taking off - gold, silver, platinum and copper are all rising," said Peter McGuire, managing director of CWA Global Markets. Benchmark third-month Shanghai copper rose 2.2 percent to close at 62,130 yuan a tonne, easing back from an early high of 63,190 yuan, just 340 yuan short of its upside limit.
Zinc and aluminium also rose, with the latter surging 4.1 percent, nearing its upside threshold after On Friday Aluminium Corp of China Ltd (Chalco), the world's third-largest alumina producer raised its alumina spot price by 7.1 percent to 3,000 yuan ($439) per tonne from January 8.
Three-month copper on the London Metal Exchange rose 2.8 percent or $205 to $7,070 a tonne by 0711 GMT, having earlier touched $7,675, but prices remain about $120 off last week's 16-month peak and more than $1,200 away from a record high struck in 2008. The premium for Shanghai copper, accounting for China's 17 percent VAT stood at 872 yuan, versus 910 yuan late on Friday. Copper fell 1 percent on Friday, under pressure from fears of tightening Chinese monetary policy and weaker-than-expected US payrolls data.
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