London Metal Exchange copper futures hit an all-time high on Monday in Asia, lifted by Chinese buying and a South Korean tender. The contract climbed about 1 percent to $3,479/$3,484 a tonne shortly after Shanghai futures markets began their afternoon session.
"Chinese copper futures had been depressed relative to the LME in the first part of July, because of weak domestic demand. But now that the yuan has appreciated, the prices have to readjust," said a Shanghai trader with an international bank.
A tender by South Korea's state-run Public Procurement Service, seeking 15,000 tonnes of copper cathode, could further tighten copper markets, which are already supported by low inventory levels.
That tender was equivalent to about three-fifths of current LME warehouse stocks.
China's booming economic growth has seen demand soar for copper and other metals, lifting copper prices by 85 percent since the beginning of 2004.
Copper futures in Shanghai came within a hair of their upper trading limit in early afternoon trade, with October hitting a record intraday high for the benchmark three-month contract.
Most-active September traded at 34,610 yuan ($4,267) a tonne at 0610 GMT, up 2.9 percent from Friday's close and up 3.7 percent from Friday's settlement.
LME aluminium futures rose to $1,836/$1,841 a tonne in quiet Asian trade, up $3.50 a tonne from Friday's close.
Nickel futures rose 1 percent from Friday's close to $14,250/$14,350 a tonne at 0615 GMT.
Nickel has been supported by stock building, as some workers at Canadian nickel producer Inco left open the possibility of a strike should labour negotiations fail.
Zinc futures rose $5.50 a tonne to $1,230/$1,235 a tonne at 0615 GMT, while lead futures traded at $842.50 a tonne, up $2.50 a tonne.
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