(Oct 24): Copper headed toward a fresh test of US$11,000 a tonne, closing in on a record set last year, on concerns about supplies following a spate of mine mishaps at a time of broad optimism over demand.
Three-month futures rose more than 1% to approach US$10,970 a tonne in intraday trade in London. In other base metals, aluminum traded at the highest level in more than three years, while zinc and tin also advanced in Friday’s session.
Copper — used in pipes, wires and batteries — has rallied by about a quarter this year, recovering from a deep sell-off in April triggered by the Trump administration’s escalation of the trade war that month. Supply challenges have moved to the forefront of investor concerns, including a suspension of Freeport-McMoRan Inc’s vast Grasberg pit in Indonesia after a mudslide.
Copper traded 0.6% higher at US$10,919.50 a tonne on the London Metal Exchange at 3:52pm in Singapore. Aluminum gained to US$2,883.50 a tonne, the highest since May 2022, with the lightweight metal on track for a fourth weekly gain.
Freeport said this week that Grasberg, the world’s second-biggest copper mine remains halted, and it will update investors on the outlook next month.
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