Shanghai Futures Exchange copper fell by 0.3 percent to close at 38,160 yuan ($5,884) a tonne on Monday as the dollar rose, but losses were limited by expectations of monetary policy easing in the United States and Europe and amid stronger seasonal demand.
Stocks held by the Shanghai Futures Exchange (ShFE) surged in the past week to a record high of 394,777 tonnes, data from the ShFE showed on Friday, having doubled since January alone, reflecting a shift in global stockpiles towards the world's top metals user.
Meanwhile, copper shipments have streamed into China, boosting stockpiles to record levels, even as its seasonally strong second quarter gets underway. China imported 328,604 tonnes of copper in February, up 55 percent from a year earlier. "Copper has done okay," said chief investment officer Jonathan Barratt of Ayers Alliance in Sydney. "There's record stocks in China, but look at where prices are. You have to say that's a positive signal."
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