Copper Rallies as Mines Struggle and Goldman Sees No Bears

Copper climbed to its highest price in two weeks after Goldman Sachs Group Inc. pointed to a near-term bullish view among traders, and a conservative production target from Chilean miner Antofagasta Plc added to supply worries.

The metal, used in wiring for renewable energy, electronics and construction, has rallied more than 20% this year, supported by a series of global mine outages and production setbacks. Prices rose 1.8% Thursday on the London Metal Exchange.

Gains accelerated after Antofagasta said it expects to hit the low end of its production targets for this year, and gave a target for next ...