London copper, often viewed as a gauge of global economic health, rose on Monday as a jump in oil prices prompted investors' quest for a hedge against stubborn inflation, though a firmer dollar capped gains in the greenback-priced red metal.
Three-month copper on the London Metal Exchange (LME) was up 0.5% at $9,909 a tonne, as of 0325 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange eased 1.6% to 71,330 yuan ($11,217.88) a tonne.
Oil prices hit their highest level in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger US and European sanctions that would disrupt exports from the world's top producer in an already tight market.
Investors often buy commodities as a hedge against expectations of broadening inflationary risks.
LME aluminium gained 2.5% to $3,214.5 a tonne, nickel climbed 3.2% to $23,780 a tonne, lead inched 0.1% higher to $2,282, zinc rose 0.8% to $3,654 and tin was up 1% at $44,000.
ShFE aluminium fell 0.9% to 22,760 yuan a tonne, nickel rose 1.8% to 176,750 yuan, zinc dipped 0.9% to 25,595 yuan, lead rose 0.5% to 15,375 yuan and tin slipped 1.4% to 333,910 yuan.
Warehouses monitored by the Shanghai Futures Exchange saw large inflows of inventories last week with copper surging by 164%. It was the first weekly stocks data since China closed for its New Year celebrations.
A Peruvian community said on social media on Sunday that it will restart a road blockade against MMG's 1208.HK Las Bambas mine, even as a second community agreed to a 45-day truce in its blockade.
Being too "abrupt and aggressive" with interest rate increases could be counter-productive to the Federal Reserve's goals, San Francisco Federal Reserve Bank President Mary Daly said on Sunday.