The most-traded August copper contract on the Shanghai Futures Exchange climbed by 0.50 percent to 54,590 yuan ($8,800) a tonne on Monday. "Investors are questioning the ability these (quantitative easing) projects have to fix the global economy," said Jonathan Barratt, chief executive of Sydney-based commodity research firm Barratt's Bulletin.
"The speculative market, in my mind, is probably reading it as it should be. Inventories continue to increase at a rapid pace. I'm short and happy to be short until we see a change in trend in the physical market," he added.