Shanghai copper rises on strong spot prices

Shanghai copper rose for a third straight day on Thursday, lifted by firm spot prices in the domestic market, while London metal also ticked higher as gains in crude oil helped reverse the previous session's modest loss.

Shanghai November copper the most-traded contract on the Shanghai Futures Exchange, rose 290 yuan, or 0.5 percent, to 59,140 yuan ($8,629) at midday.

The spot premium in Shanghai touched its highest since January at around 1,000 yuan a tonne on Monday before retreating to around 600 to 700 yuan on Thursday, traders said.

Copper inventories monitored by the Shanghai Futures Exchange have dropped 42 percent in the past month as imports of the metal shrink.

London Metal Exchange three-month copper added $105, or 1.4 percent, to $7,615 on rising oil prices, after slipping $65 in the previous session.

The discount for third-month Shanghai copper futures versus the benchmark London contract, including China's 17 percent VAT, narrowed to 1,914 yuan, from 2,168 yuan a tonne on Wednesday. The discount shrank to 716 yuan on Aug. 13, its narrowest since March.

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