Supported by a rebound in demand in China and the hope of a fall in American rates in September, copper prices in Shanghai hit their highest level in over three weeks on Monday.

The most traded October copper contract on the Shanghai Futures Exchange rose by 1.3% to 74,520 yuan ($10,463.35) per ton at lunch break. The contract soared as much as 1.6% earlier in the session to 74,770 yuan, the highest since August 2. The price of SHFE copper is now 17% lower than the record of 89,290 yuan per ton reached on May 20

Compared to other metals, SHFE aluminum rose by 0.3% to 19,875 yuan per ton, after reaching 19,990 yuan earlier in the session, the highest since July 16, due to supply concerns and expectations of lower rates in the United States. Zinc SHFE reached its highest level since July 17 at 24,175 yuan per ton, tin fell by 0.4% to 265,830 yuan but still remained close to its highest level in a week reached in the previous session. Nickel SHFE rose 1.2 percent to 131,040 yuan and lead rose 1.3