(Bloomberg) -- Copper and other industrial metals rallied strongly after China unveiled a series of measures to boost growth and resurrect its beleaguered property market.

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Copper on the London Metal Exchange rose 2.6% to $9,796.50 a metric ton as of 5:32 p.m. local time, the highest since mid-July. All other major base metals rose in London, with zinc surging 4.1% and aluminum climbing 2.1% higher.

China, the biggest consumer of metals and the main driver of the fortunes of those who produce them, has been a constant source of bad news for commodity markets this year. A broad economic slowdown, combined with the crisis in the property sector, has seen metal prices slump and piled pressure on everything from steelmakers to copper smelters.

Earlier this year, copper surged to a record above $11,000 a ton in May on a wave of speculative money betting on future shortages, but the rally quickly ran out of steam as the focus shifted back to weak demand and soft market conditions in China.

Beijing announced a series of measures Tuesday to address the nation’s economic malaise and in particular targeting the real estate market. Central bank Governor Pan Gongsheng said policymakers would help banks boost lending to consumers, cut the key short-term interest rate and lower mortgage rates.

“Today’s policy is helpful in boosting market sentiment,” said Wei Ying, an analyst at China Industrial Futures Ltd. “However, the domestic economy issue is very complicated, so monetary loosening might not be enough,” Wei added, citing the need to watch for additional fiscal policies.

China’s growth-supporting salvo came the same month that the US Federal Reserve began an easing cycle with a half-point cut to interest rates and signaled further reductions at remaining meetings this year, while the European Central Bank lowered rates for the second time in 2024.

Iron ore, the steelmaking ingredient with fortunes closely tied to China’s real estate market, extended gains after closing 5.9% higher on Tuesday in Singapore, the biggest daily increase since April. Despite the increase, the commodity is down about 31% this year.

Iron ore has been among the worst performing commodities this year as China’s slowdown has hurt demand, with mills reducing steel output. At the same time, major low-cost miners in Australia and Brazil have been boosting supplies, driving the market into a surplus.