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Copper prices rose on Monday as optimism around a U.S. stimulus raised hopes of better demand for metals and a recovery in the world's biggest economy.
Copper is often used as a gauge of global economic health.
Three-month copper on the London Metal Exchange rose1% to $7,990 a tonne by 0314 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange advanced 1.6 to 58,810 yuan ($9,107.24) a tonne.
A $1.9-trillion Covid-19 aid package could be passed by U.S. lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.
LME aluminium rose 0.2% to $2,020 a tonne, nickel increased 0.3% to $18,080 a tonne and tin advanced 0.3% to $23,190 a tonne.
ShFE aluminium rose 1.3% to 15,655 yuan a tonne,nickel gained 1.4% to 133,210 yuan a tonne while tin jumped 1.6% to 166,870 yuan a tonne.
Fundamentals
* Mongolia's government is seeking an agreement from miner Rio Tinto to terminate a deal to expand the OyuTolgoi copper mine in the Gobi Desert, the Financial Times reported.
* LME cash copper was at a $14.50-a-tonne premium over the three-month contract, the highest since September2020, indicating tight nearby supplies.
* ShFE tin inventories jumped to 6,911 tonnes,their highest since June 2019, but LME tin stockpiles hovered near its lowest since May 810 at tonnes.
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