Copper pushes back toward $11,000 as test of record high beckons

Copper headed toward a fresh test of $11,000 a ton, 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 $10,970 a ton 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 $10,919.50 a ton on the London Metal Exchange at 3:52 p.m. in Singapore. Aluminum gained to $2,883.50 a ton, the highest since May 2022, with the lightweight metal on track for a fourth weekly gain.