Copper Hits Fresh Record on Rising Risk of Tariff-Fueled Squeeze

Copper rallied to a fresh record as a surge in orders to withdraw metal from London Metal Exchange warehouses compounded worries that potential US tariffs will fuel a global supply squeeze.

Futures rallied as much as 3.4% in London to trade above $11,500 a ton, surpassing a peak struck on Monday, after data from the LME showed a spike in orders for copper from its depots in Asia. Mining stocks also rallied, with Chilean copper producer Antofagasta Plc jumping more than 5% to a record high.

Copper has been ratcheting higher in recent weeks as a growing chorus of traders ...