China's industry ministry said the country will take steps to stabilise raw material prices and strengthen supervision of the market after a spike in prices.

Rising commodity prices have increased Chinese manufacturers' costs and squeezed margins.

Shares were up 37% after pre-market trading Tuesday.

The copper market appears to be reaching a defining moment when it decides whether we're in a new supercycle or the same old China cycle which has defined pricing for over a decade.

Chinese trade data gave a mixed snapshot of neighbour Myanmar's ability to keep up metal shipments in March amid unrest after February's coup.

Canadian miner declared force majeure on some Chinese contracts last month due to covid-19-led curbs.

Its Oktyabrsky mine will resume full production this month after flooding and is already running at 60% capacity.