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SHANGHAI: Copper futures in Shanghai surged by their daily limit of 4 percent yesterday, helped by a price rally in London and speculation of increased domestic demand.

Related readings:  Copper futures fall over loss reports Less copper consumed this year  Copper enterprises cut production

Copper for delivery in April, the most actively traded contract on the Shanghai Futures Exchange, climbed 2,220 yuan to hit 57,720 yuan a ton, the highest in a month yesterday, the first trading day after the week-long holiday.

A futures contract is an obligation to sell or buy a commodity at a fixed price for delivery by a specific date.

"It is almost a standard phenomenon that copper prices surge after the week-long Lunar New Year holiday," said Cai Luoyi, head of the research department at China International Futures Co (Shanghai).

"The end of the holiday also signals the coming of the peak (copper) consumption season, which also helps lift the buying sentiment," the analyst said.

Copper and copper products imports in China, the world's biggest copper consumer, surged 44 percent in January from a year earlier, according to Chinese customs figures.

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