NEW DELHI: London copper prices climbed to a nearly one-month high on Wednesday, as markets drew support from top consumer China’s recent announcement that it will ease monetary policy and adopt a proactive fiscal policy to propel growth next year.

Three-month copper on the London Metal Exchange (LME) was up 0.8% at $9,290 per metric ton, as of 0353 GMT. The contract briefly touched $9,314 per metric ton, its highest level since Nov. 12.

The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) rose 0.4% to 75,690 yuan ($10,443.31) a ton.

China will adopt an “appropriately loose” monetary policy next year, the first easing of its stance in some 14 years, alongside a more proactive fiscal policy to spur economic growth, the Politburo was quoted as saying on Monday.

The copper market is awaiting further support for China’s economy, especially in the construction sector.

“Changes in fiscal or monetary policy typically take 2-3 quarters to translate into real-market impact. As a result, we do not expect to see a continuous improvement in the region until the second half of 2025,” Sucden Financial said in a note.

Copper prices slip under pressure from China trade data, stronger dollar

“Without clear signs of sustained recovery in the construction sector, it will be challenging for the market to establish a lasting upward trend.”

The focus is now on China’s Central Economic Work Conference meeting this week for more clarity on key targets and potential economic stimulus measures for next year.

LME aluminium was up 0.4% at $2,620 a ton, nickel gained 0.1% at $15,735, zinc was up 0.9% at $3,162.5, lead nudged 0.1% lower to $2,062.5 and tingained 0.4% to $29,885.

SHFE aluminium edged up 0.3% to 20,435 yuan a ton, nickel fell 1.3% to 125,450 yuan, tin added 0.3% at 248,770 yuan, while zinc rose 0.9% to 26,055 yuan and lead dropped 0.2% at 17,680 yuan.