You are using Best for Dsiplay in Display Properties?
Per the 4K wiki
4K has become the common name for ultra high definition television (UHDTV), although its resolution is only 3840 x 2160 (at a 16:9, or 1.78:1 aspect ratio), which is lower than the 4K industry standard of 4096 x 2160 (at a 19:10 or 1.9:1 aspect ratio).[2]
Your monitor has:
4096x2160
http://www.lg.com/us/monitors/lg-31MU97-B-4k-led-monitor
You might what to try using one of thes apps:
SwitchResX – The Most Versatile Tool For Controlling Screen Resolutions On Your Mac
Display Menu from Mac App Store
Use the display port connection. The HDMI is limited to 30 Hz and you can get 60 Hz from the display port if the monitor supports 60 Hz. Not all do.
The HDMI on the Mac only supports:
You can use 4K displays and Ultra HD TVs at the following resolutions and refresh rates via the built-in HDMI port.
- 3840 x 2160 at 30 Hz refresh rate
- 4096 x 2160 at 24 Hz refresh rate (mirroring is not supported at this resolution)
With OS X Mavericks v10.9.3 or later, the following DisplayPort displays are supported at their default using single-stream transport (SST) at 30Hz.