Low domestic copper stocks lifted prompt Shanghai copper futures on Monday, while most other contracts closed lower as traders closed positions ahead of the long Lunar New Year holiday. The February contract, which expires on Friday, closed at 31,530 yuan ($3,788) on Monday, a rise of 50 yuan from Friday's close. Exchange data published on Friday saw a sharp, near 10,000 tonne-drop in copper stocks to 19,463 tonnes.
Cash copper prices rose to 32,400-32,630 yuan, from 32,230-32,450 yuan on Friday. All other contracts, except thinly traded September, ended down on Monday compared with Friday's close.
Chinese futures exchanges will close from February 7-15 to ring in the Year of the Rooster. On Monday, Shanghai's most-active April copper ended at 29,470 yuan, down 140 yuan from Friday's close.
The March/April backwardation stayed steady at 1,000 yuan. A combined 157,188 lots traded on Monday, up from 153,252 lots.
Shanghai aluminium futures drifted lower on Monday, with the most-active April contract ending at 16,290 yuan, down 40 yuan from Friday's close. Three-month aluminium futures in London traded at 1,837.50 a tonne on Monday, up $7 a tonne from the same time on Friday.
A total of 11,682 lots of aluminium futures traded in Shanghai on Monday, down from 16,318 lots.