Moreover, China, the world’s biggest consumer of metals, has raised its growth target for the first time in two decades, anticipating the economy will expand 6.5% to 7% this year.

“That growth target would be extremely bullish for industrial metal prices,” Michael Smith, the president of T&K Futures and Options Inc., told Bloomberg. “It should spur demand and gobble up some of the excess supplies that we have.”

SPDR Metals & Mining ETF

Max Chen contributed to this article.