Copper futures are recording modest gains at to start the trading week, despite the world’s top consumer posting slumping import and export data. The industrial metal has been surging over the last month on optimism on reopening economies and the global economy recovering. Could copper realize analysts’ forecasts from last year and return to the promise land of $3 later this year?

July copper futures rose $0.015, or 0.42%, to $2.569 per pound at 16:53 GMT on Monday on the New York Mercantile Exchange. The red metal enjoyed a 3.9% weekly gain last week, paring its year-to-date decline to around 8%.

In recent weeks, copper prices have soared on renewed Chinese demand. But copper investors have also been bullish on the rest of the global economy rebounding in the aftermath of the COVID-19 pandemic. With more major economies reopening and global trade ticking up, traders are betting on higher prices.

That said, recent Chinese economic data did give some investors some pause.

Last month, exports tumbled at an annualized rate of 3.3% to $206.81 billion, down from the 3.5% gain in April. The market had anticipated a drop of 7%. In May, imports crashed 16.7% to $143.89 billion, down from a 14.2% drop in the previous month. The median estimate called for a 9.7% slide.

For metal commodity traders, its unwrought copper imports slipped 5.5% a month ago to 436,301 tons, but they were up nearly 21% from the same period last year. Copper concentrate imports reach 1.69 million tons in May, down from 2.03 million tons in April.

Investors are bullish on the Chinese government’s massive $700 billion stimulus program that will focus on “new infrastructure” and “new urbanization.” The US government has also been reported to be considering another $1 trillion stimulus program that would consist of infrastructure outlays. Since construction projects require vast sums of copper, the world’s biggest consumer could elevate copper prices in the coming months.

In other metal commodities, July gold futures spiked $20.80, or 1.23%, to $1,703.80 per ounce. August silver futures climbed $0.361, or 2.07%, to $17.84 an ounce. July platinum futures soared $30.20, or 3.64%, to $860.60 per ounce. July palladium futures roared $87.00, or 4.46%, to $2,039.60 per ounce.