Copper was close to reaching a five-month peak following China's commitment to boost consumption in the largest consumer market for the metal. The Chinese government has introduced a special plan to stimulate demand, resulting in faster consumption growth at the beginning of the year. This growth has helped counter the effects of President Donald Trump's tariffs on Chinese exporters. Although copper prices have increased by about 12% this year due to the market's instability caused by the tariffs, there is still a shortage in mine supply. However, the property sector in China, an important factor for metal demand, is still facing challenges and has not shown signs of recovery. Despite the government's efforts to support the market, Chinese new-home prices declined at a faster rate in the previous month.

The price of copper reached $9,804 a ton on the London Metal Exchange, marking a 0.2% increase by 10:52 a.m. in Shanghai, after peaking at 0.5% earlier. On Friday, prices hit $9,850, the highest since October. Meanwhile, aluminum remained stable at $2,682.50 a ton and nickel saw an increase of 0.7%. Chinese aluminum production surged by 2.6% to 7.32 million tons in the first two months, hitting a record daily high of 124,068 tons, as per government statistics. This rise demonstrates the resilience of smelters, who are benefiting from improved margins due to rising product prices.