London copper prices edged higher on Monday to hover near their highest in five months, as demand prospects brightened after top consumer China relaxed some of its strict COVID-19 restrictions and announced more support for its troubled real estate sector.
Three-month copper on the London Metal Exchange rose 0.2 percent to $8,505 a ton and zinc advanced 1 percent to $3,054.50 a ton, while aluminum fell 1.1 percent to $2,435.50 a ton and lead declined 1.2 percent to $2,136 a ton.
The most-traded December copper contract on the Shanghai Futures Exchange eased 0.2 percent to 67,450 yuan ($9,551.79) a ton. The contract had jumped 6.4 percent last week in its best show since the week ended July 29, hitting its highest since June 16.
SHFE aluminum climbed 0.7 percent to 18,850 yuan a ton, zinc advanced 0.7 percent to 23,960 yuan a ton, nickel dropped 1.8 percent to 200,190 yuan a ton and tin rose 0.6 percent to 178,240 yuan a ton.
Chinese regulators have told financial institutions to extend more support to property developers to shore up the struggling real estate sector, two sources with direct knowledge of the matter said on Sunday.
