SINGAPORE: London copper rallied back above $10,000 early on Monday, while Shanghai metal rose half a percent ahead of Chinese trade data later in the day and a key inflation report on Tuesday.
FUNDAMENTALS
Three-month copper on the London Metal Exchange rose 0.5 percent to $10,015.25 a tonne by 0129 GMT, after having touched a record high of $10,160 at the start of last week.
Shanghai's most active copper contract rose 340 yuan to 75,680 yuan.
Investors are waiting for preliminary Chinese trade data later on Monday. Traders said copper imports were expected to be comparatively light, at or below last month's unwrought imports of 344,000 tonnes.
High international prices, a week-long holiday and discount material available on the domestic markets were expected to depress demand for imported metal.
On Tuesday, China releases a raft of data, including inflation, closely watched for clues about future monetary policy in the fast growing, top commodity consumer.
Aluminium raised $15 to $2,511. Technically, the market looks buoyant.
"Aluminium has two support areas. The first is near $2,490 and the second is near $2,440. The uptrend is strong with trend line values near $2,410" said Daryl Guppy, CEO of Guppytraders.com.
"Traders prepare for a rebound from $2,490 with first upside target near $2,590."
From sa fundamental perspective, Russia's United Company Rusal Plc, the world's largest aluminium producer, said on Monday it plans to lift aluminium production by 2 percent in 2011 to meet rising demand.
It also said it expected China to become a net importer of the lightweight metal this year and for prices to hold above $2,500.
MARKET NEWS
U.S. stocks closed out their second straight week of gains on Friday with a rally sparked after Egyptian President Hosni Mubarak resigned, easing tension around the region for now.
U.S. gold futures edged down 0.3 percent to $1,355.8.
On the New York Mercantile Exchange, March crude rose to $85.67, up 9 cents by 0009 GMT, after settling more than $1 lower at $85.58 in the previous session.
Following Egypt's mass protest that ousted president Hosni Mubarak, hundreds of anti-government protesters in Yemen clashed with police blocking them from marching to the country's presidential palace on Sunday.
Japan's economy shrank 0.3 percent in the quarter to December from the previous quarter, Cabinet Office data showed on Monday, hurt by an expiry of government incentives for carpurchases and a slowdown in exports.
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