Copper Hits a Record as Supply Snarls Set the Stage for Deficits

Copper hit a record in London, with the prospect of an imminent easing in US-China tensions providing a fresh catalyst to a scorching rally built on mine-supply setbacks and tariff-driven trade dislocations.

Three-month futures climbed to $11,200 a ton on the London Metal Exchange, topping a previous peak set in 2024. Year-to-date, the metal that’s an industrial staple and a proxy for global growth is up more than a quarter, and is on course for its best year since 2017.

It’s been a tumultuous year for the commodity, with setbacks at major mines in Chile, Africa and Indonesia ...