(Bloomberg) -- Copper rose to an all-time high after China set domestic growth as its top economic priority for next year, and amid stockpiling of the metal in the US.

The industrial metal climbed as much as 1.3% to $11,771 a ton, blazing past a record set in the previous session. The latest spike came after Beijing said on Monday it would stick with a “more proactive” fiscal approach and maintain a “moderately loose” monetary stance for the world’s second-largest economy.

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“The Politburo readouts present a more proactive macro environment than investors have expected,” said Xu Wanqiu, an analyst with Chinese brokerage Cofco Futures Co.. “Copper will benefit from policy support toward power-grid upgrades, computing power. The momentum remains very bullish,” she said.

Trade data from China was also supportive, with exports rebounding last month to beat estimates and push the country’s trade surplus past $1 trillion for the first time in any year.

Copper – a metal critical for electrification and the energy transition – has gained more than 30% on the London Metal Exchange this year. New demand fueled by data centers and electric vehicles has come up against tight global supply, with smelting capacity growing faster than mines can keep up. A series of mine outages has exacerbated a shortage of raw materials.

The rally has accelerated in recent weeks on concerns over an exodus of the metal to the US in anticipation that President Donald Trump will impose tariffs next year. This has squeezed inventories and sent premiums elsewhere to unprecedented highs, while also causing futures in New York to spike above those on the LME.

Global supply of refined copper could see a shortfall of 450,000 tons in 2026, partly due to this stockpiling in America, analysts from Chinese brokerage Citic Securities Co. said in a note. Prices must average above $12,000 a ton next year to attract the investment needed in new mining capacity to ensure sufficient supply in the medium- to long-term, the Citic analysts, led by Ao Chong, said.

Copper was up 0.8% at $11,713 a ton on the LME as of 7:18 a.m in London. Other metals were mostly higher, with zinc up 0.8% and aluminum 0.5%.

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