Shanghai copper rose 1.3 percent on Tuesday and London futures traded off the previous session's near six-week low as Chinese investors wind down ahead of National Day and Autumn Festival holidays. Market open interest across Shanghai copper stands at 338,776 lots, its lowest since early March.
Copper, which has rallied 95 percent this year, is heading for an 8 percent fall in September, its first monthly decline since December 2008. Shanghai's benchmark third month contract rose 1.3 percent to 46,470 yuan, having slipped 2.8 percent on Monday. Metals saw some support from a recovery in equity markets -the ASX 200 rallied 1.6 percent and the Nikkei added almost 1 percent. But the Shanghai trader said more weakness was likely.