BEIJING- Prices of base metals rose further on Wednesday, with China’s most aggressive stimulus since the pandemic lifting the demand outlook.

Three-month copper on the London Metal Exchange was up 0.5 percent at $9,844.50 per metric ton. Earlier in the day, it hit the highest since July 15 at $9,913 per ton.

The most-traded November copper contract on the Shanghai Futures Exchange was up 1.9 percent at 77,580 yuan ($11,032.74) a ton, also hitting a more than two-month high.

On Tuesday, China’s central bank announced plans to lower borrowing costs and inject more funds into the economy, as well as to ease households’ mortgage repayment burden.

Consistent with that, it lowered the cost of its medium-term loans to banks on Wednesday.

The property sector-focused stimulus package also bolstered prospects of demand from the main metal consuming sector, which has been a drag on the world’s second-largest economy.

LME aluminum climbed 0.3 percent to $2,562.50 a ton, zinc increased 0.4 percent to $3,022, nickel steadied at $16,725, lead nudged 0.1 percent higher to $2,086, while tin moved 0.4 percent lower to $32,565.

SHFE aluminum rose 1.6 percent to 20,225 yuan a ton, nickel added 1.8 percent to 128,130 yuan, zinc jumped 3.7 percent to 24,665 yuan, lead ticked up 0.3 percent at 16,675 yuan and tin moved 0.1 percent lower to 260,270 yuan.