The MySteel 62% Australian fines price rose about 3% to a new high of US$207.50 per tonne, while the Fastmarkets price rose 8.6% to $US230.56 a tonne.

Copper reached a fresh high intraday of $10,747.50/t on the London Metal Exchange but closed down 0.4% to $10,378.75/t.

"The major driver of the moves [in the base metals complex] in the past fortnight has been fresh money inflows largely driven by inflationary pressures and we would refer you to comments made by Evy Hambro at Blackrock as to the main price drivers in bull markets: financial inflows rather than actual physical demand," Marex Spectron's Alastair Munro said.

On equities markets, the S&P/ASX 200 closed at a record high on Monday of 7,172.8.

Key market futures were mixed.

Gold is similar to this point yesterday, around $1,835 an ounce on the spot market.

Lithoquest Resources (TSXV: LDI), previously Lithoquest Diamonds, jumped 50% on news it had the option to earn into two gold projects in Ontario.

Among the majors, Vale reached a multi-year high in Brazil intraday of BRL120.45 before closing down 0.66%.

Rio Tinto rose 1.88% in London and Glencore gained 2.63%.

Freeport-McMoRan eased off a one-year high, falling 2.8% in New York.

Finally, gold major Newmont, which last week celebrated 100 years since its foundation, rose 1.51% in New York.