Copper and aluminium prices hit four-month highs as industrial metal prices continued their ascent on the back of China’s $158bn infrastructure programme announced last week.
Benchmark iron ore, which had plummeted over the past few months on slowing Chinese demand, rose more than 7 per cent from Friday as optimism spread thanks to Beijing’s plans to plough funds into railroads, highways and water treatment facilities.
Copper for three-month delivery on the London Metal Exchange rose 1 per cent to $8,066 a tonne. Aluminium was up 1.9 per cent to $2,057.25. The iron ore price for material containing 62 per cent iron delivered in China jumped to $97 a tonne, according to Platts, the price reporting agency.
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