Futures Pros -Copper futures rallied for a fourth day on Monday, climbing to a six-day high after official data showed that China’s copper imports increased in January. On the Comex division of the New York Mercantile Exchange, copper futures for March delivery traded at USD4.607 a pound during European afternoon trade, jumping 1.11%. It earlier rose to USD4.618 a pound, the highest price since February 7, when prices rose to an all-time high of USD4.6375. Earlier in the day, a report from China’s General Administration of Customs showed that copper imports by China increased by 5.7% in January to 364,240 metric tons, compared to 344,560 metric tons imported in December. According to the data, copper imports in January were up 25% compared to a year earlier, as fabricators increased stockpiles ahead of peak production season, which runs from March to May. China, which is the world’s largest consumer of the industrial metal, also imported 360,000 tons of scrap copper in the month. Meanwhile, chief executive of the world’s third largest mining group Rio Tinto said that he expected higher copper prices in 2011 amid rising demand and declining global supplies. “We will see a continued period of strong copper pricing, largely because many of the large mines, including our own, are seeing declining grades”, said CEO Tom Albanese. Elsewhere, gold for April delivery eased up 0.15% to trade at USD1,359.35 a troy ounce, while silver for March delivery added 0.83% to trade at USD30.14 a troy ounce during European afternoon trade. Meanwhile, platinum for April delivery rallied 1.22% to trade at USD1,827.70 a troy ounce, while palladium for March delivery jumped 1.03% to trade at USD821.40 a troy ounce.

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