Prices of copper hit record highs in London and Shanghai on Monday on property stimulus measures and better-than-expected industrial output data in China, as well as systematic buying.

Three-month copper on the London Metal Exchange rose 2.7% to $10,959.50 per metric ton by 0158 GMT, having surged as much as 4.1% earlier in the session to a historic high of $11,104.50.

The most-traded July copper contract on the Shanghai Futures Exchange climbed 5% to 87,470 yuan ($12,099.04) a ton. Earlier in the session, it was up 6.8% to a record high of 88,940 yuan a ton.

China on Friday announced “historic” steps to stabilise its crisis-hit property sector, with the central bank facilitating 1 trillion yuan in extra funding and easing mortgage rules, and local governments set to buy “some” apartments.

China’s industrial output grew 6.7% year-on-year in April, accelerating from the 4.5% pace seen in March and above the 5.5% increase tipped in a Reuters poll of analysts, helped by improving external demand.

The industrial sector consumes a large amount of base metals.

A trader said the metal price rally on Monday was exacerbated by systematic traders who simply chased the higher prices.

The futures prices, however, do not reflect an improvement in demand in the physical copper market.

Nickel, copper surge to multi-month highs on New Caledonia, China

The premium to import copper into China’s Yangshan area was at zero on Friday, compared with $60 in March, reflecting weak import demand.

SHFE copper inventories have been elevated in the past two months, despite May being China’s traditionally strong copper demand season.

Stockpiles were last at 290,376 tons, compared with 33,130 tons at the start of the year.

LME aluminium rose 0.4% to $2,623.50 a ton, zinc climbed 0.9% to $3,057.50, lead increased 0.8% to $2,301.50, tin edged up 0.4% at $34,375 and nickel was up 0.1% at $21,100.

SHFE aluminium rose 1% to 21,035 yuan a ton, nickel jumped 4% to 156,320 yuan, zinc advanced 2% to 24,255 yuan, lead increased 0.4% to 18,810 yuan and tin was up 2.2% at 280,750 yuan.