London Metal Exchange cash copper jumped by 3.8% to US$7122 per tonne, its best price since September 2014.
The red metal has jumped by nearly 29% so far this year.
Nickel was the other solid LME mover, rising by 1.7% to $11,805.50/t. Its rally this month is good timing ahead of the Australian Nickel Conference in Perth today.
“The better-than-expected producer prices in China on Monday boosted optimism in the market that the domestic demand in China will remain strong,” ANZ Research said.
“This follows on from some very positive growth numbers out of the US, Korea and Germany.
“The market is also expecting a relatively positive backdrop to emerge from the China’s Communist Party congress meeting this week. While the focus will be on the political side, any comments around the supply side reform will be keenly watched.”
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