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The price of %Copper has hit an 11-month high as global demand for the industrial metal rises.

Copper’s price climbed as much as 1% on the London Metal Exchange to trade at $9,164.50 U.S. per ton, its highest level since April 2023.

Copper has been surging in recent days as global demand for the metal grows and supplies at both mines and smelters struggle to keep up.

With the global economy having averted an economic recession over the past year, industrial demand for copper is rising as governments spend on infrastructure projects around the world.

Data from China showed that the country’s industrial output rose 7% in the first two months of the year, while growth in fixed-asset investment accelerated faster than economists estimated.

At the same time, copper’s price is being lifted by expectations that the U.S. Federal Reserve will begin lowering interest rates this summer.

In a note to clients, ING bank said: “Copper will benefit from looser monetary policy, which will alleviate the financial strain on manufacturers and construction companies by reducing borrowing costs.”

Copper’s price is rising as other industrial metals decline, with nickel’s price falling 1.1% on the London Metal Exchange on March 19.