Copper prices rose on Monday as inventories in Shanghai exchange warehouses dwindled to their lowest levels since 2009, supporting buyer sentiment and fueling concerns over global supply shortage.
Three-month copper on the London Metal Exchange was up 1.9 percent at $9,888 a ton, while the most-traded December copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 72,250 yuan ($461,248.72) a ton.
ShFE copper stockpiles fell to 39,839 tons, the lowest since June 2009, while LME inventories of the metal were last at 161,550 tons, a level unseen since June 22.
Money managers boosted their net long positions in COMEX copper contracts to 54,030 contracts, the highest since May 11.
Meanwhile, Dalian and Singapore iron ore futures advanced on Monday, recovering from last week’s selloff that dragged the benchmark prices to multi-week lows, but worries over slumping steel demand in China kept overall enthusiasm in check.
