Copper stockpiles in Shanghai Futures Exchange warehouses fell 12.6 percent last week to 30,410 tons, the lowest in more than six months, the exchange said Nov. 3. Imports of refined copper into China fell 41 percent in the first nine months. Buyers in China have refrained from purchases as copper futures prices have soared 85 percent in the past year.
``Some investors believe that Chinese demand stays healthy,'' Wang Zheng, a metal futures trader at Dalu Futures Co., said by phone from Shanghai today. ``End users will have to replenish depleted stocks soon.''
Copper for delivery in January gained 480 yuan, or 0.7 percent, to settle at 68,270 yuan ($8,667) when trading ended at 3:00 p.m. local time.
Benchmark London Metal Exchange copper for delivery in three months gained $40, or 0.5 percent, to $7,400 a ton at 7:59 a.m. London time.
Gains in other base metals, such as aluminum, also supported the copper market in Shanghai, Wang said.
Aluminum in Shanghai for delivery for January rose for a third consecutive day, gaining 290 yuan, or 1.4 percent, to settle at 20,370 yuan a ton. The contract has gained 3.4 percent in the past three days.
Copper for delivery in December gained 2.05 cent, or 0.6 percent, to $3.3575 a pound on the Comex division of the New York Mercantile Exchange, in after-hours electronic trading at 8:03 a.m. London time.
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