Shanghai copper up more than 4 pct on stock fall

Shanghai copper prices rose 4 percent on Friday, dragging London futures up with them as traders anticpated a 30 percent fall in weekly Shanghai copper stocks.

"Copper prices in Shanghai rose after market rumours that copper stockpiles monitored by the Shanghai exchange would decrease more than 7,000 tonnes," said Cai Luoyi, analyst at China International Futures.

Shanghai exchange copper stocks fell 6,865 tonnes to 15,781 tonnes, enough for around 1-1.2 days of Chinese consumption. Last week they posted a rise of 4,914 tonnes.

"At first glance this might appear positive, and like the big surge in copper imports in December, it doesn't mean a pick-up in real Chinese consumption," a trader in Singapore said.

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