BEIJING--Copper futures traded on the Shanghai Futures Exchange settled higher Monday, following Friday's rise on the London Metals Exchange.
Also, reports of developing labor unrest at some of the larger mines around the globe, including those in Chile and Indonesia, may have supported the market, some traders said.
"The strikes may have caused some concerns about supply," said Wang Zheng, a trader at Shanghai Dalu Futures Co.
The benchmark July 2007 contract rose CNY1,910 to settle at CNY73,120 a metric ton, after trading between CNY72,200/ton and CNY73,750/ton.
Turnover for all Shanghai copper futures declined to 121,724 lots from 125,578 lots Friday.
One lot equals five tons.
Some traders said purchases made by some speculative funds also helped prices.
Processing plants may buy more copper as buffer stock amid concerns of a further rise in prices, said Liu Shuguang, a trader at Zhejiang Nanhua Futures Co. in Shanghai.
Meanwhile, China's copper concentrate imports in March were at 310,000 tons, according to preliminary data provided Monday by the General Administration of Customs.
The country's copper concentrate imports in the first three month totaled 1.04 million tons, up 16% from a year earlier, the agency said.
On the Changjiang Nonferrous Metals Trading Market, a major spot metals market in Shanghai, copper was quoted at CNY71,300-CNY71,450/ton, up from CNY69,500-CNY69,700/ton Friday.
Three-month LME copper rose $20 to end the late kerb Friday at $7,700/ton. It was quoted higher at $7,920/ton around 0700 GMT, when the Shanghai market closed.
Zinc settled mostly higher, while aluminum futures settled up.
China's futures markets are off-limits to foreign investors.
Monday's closing prices in yuan a metric ton versus LME late kerb prices from Friday in dollars a metric ton:
SHFE LME
Copper Jul 73,120 Up 1,910 3Mo $7,700 Up $20
Aluminum Jul 19,880 Up 120 3Mo $2,812 Dn $18
Zinc Jul 32,165 Up 260 3Mo $3,478 Dn $22
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