After the major Chinese foundries agreed on a plan to reduce production in 2026 and following the offers of record bonuses from Codelco, the world's largest copper producer, the price copper hit new highs on Monday.

The most active copper contract on the stock exchange Shanghai futures jumped 2.08% to 89,020 yuan (12,583.40 dollars) per metric ton at 02:30 GMT, after set a record high of 89,650 yuan.

The three-month copper reference price on For its part, London Metal Exchange reached a new all-time high of 11,294.5 dollars per ton, after setting a record on Friday.

The London copper futures contract was in increased by 0.24% to 11,216 dollars per ton at 02:30 GMT.

Among other SHFE base metals, aluminum has increased by 1.44%, zinc by 0.78%, nickel by 0.26%, tin jumped by 2.68% and lead remained virtually unchanged.

Among the other metals in LME, aluminum has increased by 0.21%, zinc by 0.13%, nickel by 0.34% and tin by 1.08 %.