Copper just spiked

Copper just spiked.

Copper futures by more than 5% rose to as much as $2.1945 a pound after the closing bell on Monday. That's the highest its been all year. There was no immediate news related to the rapid increase.

Prices had been sliding, as China's economic woes meant that it was in less demand for construction. But it posted its biggest one-day gain in a month last Thursday, according to Morgan Stanley. The firm noted that Wall Street Journal reports suggested that investors rushed for the metal after the Federal Reserve produced a statement that was more dovish than expected.

Here's a chart showing the jump.