Copper price hovers near $11,000 as test of record high beckons

Copper hovered below $11,000 a ton, trading within striking distance of a record set last year, on concerns about supplies following a spate of mishaps at some of the world’s biggest mines.

The metal — 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 fatal mudslide.

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.

Three-month futures gained 1% to settle at $10,962.50 a ton at 5:50 p.m. in London.

Aluminum touched the highest since May 2022, before erasing gains to trade 0.1% lower. The lightweight metal registered its fourth straight weekly increase, with the outlook being supported by government-mandated supply caps in China. All other metals except nickel gained.

(By Jake Lloyd-Smith)