The copper price rose above $10,000 a tonne on Thursday on the back of new China stimulus measures for the real estate market.

Copper for December delivery increased by 3.4% from Wednesday’s settlement, reaching $4.64 per pound ($10,208 per tonne) in early morning trade on the Comex in New York.

The official Xinhua News Agency reported that China’s Politburo aims to stabilize the real estate market, calling for “forceful” rate cuts to stop its decline. Bloomberg previously reported that China is considering a $142 billion capital injection into its largest state banks.

This move by the Politburo follows the central bank’s introduction of its largest stimulus package since the pandemic, intended to lift the economy out of its deflationary phase and push it toward the government’s growth target.

Further boosting sentiment, data showed that the US economy has rebounded from the pandemic in stronger shape than previously estimated.

“Policy risks from the US have clouded the outlook for base metals, as well as the timing of the recovery in global growth,” Citigroup said in a note.

The bank highlighted concerns about a potential softening in the US labor market, uncertainty surrounding the upcoming US presidential election, and weakness in manufacturing.

Earlier this month, analysts at Bank of America (BofA) projected copper price would rise above $10,000 per tonne by 2025. BofA said the copper price remains strong due to high demand, constrained supply and increased investment in energy transition projects.

“Manufacturing activity should stabilize as the Fed cuts rates, so we maintain our constructive copper view into 2025,” the bank’s analysts said.

Mining stocks also surged. Glencore rose as much as 5.8% in London, while BHP gained 4.8%, and Freeport-McMoRan increased by 7.5% in New York.