The most-traded June copper contract on the Shanghai Futures Exchange rose by 0.25 percent to 60,180 yuan ($9,500) a tonne on Monday. "Copper was up more than one percent on Friday, we would also expect a similar performance across other base metals this week (because) we're seeing a bit of an improvement globally in the economy," said Matt Fusarelli, analyst at Australia-based consultancy AME Group.
"There are always going to be some shakes up and down, (but) we're seeing equity markets improve, and people more comfortable taking exposure to risky assets like metals." Demand for copper outside top consumer China is likely to have improved since December, with premiums for physical metal strengthening in Europe and reports of a pickup in spot market demand, said Macquarie in a research note.
In other metals, there were indications that Chinese demand for lead was picking up. The ShFE lead forward curve was tightening, with the front month contract flipping into a premium against the rolling third month contract on Monday, after the price differential between ShFE and London prices turned marginally positive for imports last week.