The red metal closed up more than 3.1% on the London Metal Exchange yesterday, to US$9,793.25 per tonne.

Floods in central China, especially in the industrial and transport hub city of Zhengzhou in Henan province, have raised supply concerns and demand for rebuilding damaged infrastructure, Reuters reported.

"All metals were supported by falling LME stockpiles as demand in Europe and the US was strong with the economies opening up after COVID-19 and the forward curves tightened for most of the metals," Marex's Anna Stablum said from the LME desk in Singapore.

However gold has dropped below $1,800 an ounce, to $1,795/oz on the spot market at the time of writing.

Markets are awaiting news on tapering plans from the US Federal Reserve which wraps up a two-day meeting on Wednesday.

Copper miner Antofagasta gained more than 4% in London and BHP was up almost 3% in midday Australian trade.

Finally in Toronto, Ethos Gold (TSXV: ECC) reached a fresh one-year high before closing unchanged at C39c on news of Eric Sprott investing $2 million at 32c per unit.

The funds will be for exploration at its Toogood discovery in Newfoundland and for general working capital.