Shanghai metals surge after auto loan plans

Base metals futures in Shanghai surged by their 4 percent daily limit on Monday after gains in their London counterparts in the last session following emergency auto loan plans by the United States and Canada.

Key Shanghai copper futures SCFc3 rose to 23,350 yuan ($3,412) a tonne, recovering from its five-year low hit on Friday, while Shanghai aluminium SAFc3 and zinc SZNc3 increased by their daily limit afterwards.

China imported 37.7 percent more refined copper last month, at 141,728 tonnes, than in November 2007, official Customs figures showed on Monday.

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