The most-traded June copper contract on the Shanghai Futures Exchange climbed 1.7 percent to close at 60,520 yuan ($9,600) a tonne on Friday. Premiums on copper from Shanghai bonded warehouses are now at $30-$60 per tonne over LME cash copper, said a Shanghai-based physical dealer.
Copper stockpiles in Shanghai warehouses rose another 3,294 tonnes to 224,781 tonnes, data from the ShFE showed on Friday, the highest level since July 2002.