Shanghai copper up

The most-active October copper contract on the Shanghai Futures Exchange rose as much as 0.7 percent to a session high of 54,410 yuan a tonne on Monday, before closing down 0.1 percent at 54,030 yuan, partly weighed down by Chinese equities. It was the first trading day after a long weekend.
"Today's rally in Shanghai copper lacked momentum as many fresh longs still decided to play it safe, closing out their positions ahead of the EU summit and in view of how shaky global economics are. But unless we get more bad news about the global economy, prices look well supported near current levels at $7,300 in London and 54,000 yuan in Shanghai," said a copper buyer based in Shanghai. The trader with the international firm said a slight rise in physical copper demand was expected to put a floor below copper prices as consumers took advantage of lower prices and the favourable LME-ShFE arbitrage to restock a bit.