Copper prices hit a record high on the 8th (local time) as China set expanding domestic demand as next year's direction for its economic growth.
According to Bloomberg on the day, industrial copper on the London Metal Exchange (LME) rose 1.3% to $11,771 per ton, surpassing the previous record high.
Bloomberg said it was due to China's announcement that it will continue "more proactive fiscal policy" and "appropriately accommodative monetary policy."
On the day, the Communist Party of China convened a Politburo meeting chaired by General Secretary Xi Jinping and emphasized the need to build a "strong domestic market."
In addition, trade data were also positive for copper demand, as China's exports last month beat market expectations.
Xu Wanchu, an analyst at COFCO Futures in China, said the Politburo's announcement shows a more proactive macro environment than investors had expected.
Xu said copper will benefit from policy support for power grid upgrades and computing capacity, adding that momentum remains very strong.
Copper is a conductive metal used in electrical wiring. With demand increasing in recent years due to growth in data centers and electric vehicles, prices on the LME have risen more than 30% so far this year.