Copper barrelled towards a record US$13,000 (RM52,702) a ton on the London Metal Exchange (LME) on Monday in a stunning end-of-year rally fuelled by concerns over tighter supply. 

The metal that’s crucial for renewable energy and power grids surged as much as 6.6% to US$12,960 a ton on the LME as trading resumed following a two-day UK public holiday. Gains have reached more than 15% in December as investors bet that a rush to get metal to the US ahead of possible import tariffs will force buyers elsewhere to pay more.

The latest powerful surge caps an extraordinary year for copper, marked by significant unplanned mine outages, uncertainties over US President Donald Trump’s trade policies, and unprecedented pressure on the world’s smelters. Still, there are warnings that prices have gone too high, and a wave of positive sentiment in precious metals markets may have spilled over into copper.

Copper traded on the LME at US$12,919.50 a ton by 11.38am Shanghai time. On Comex in New York, futures were up 1.2% to US$5.908 a pound after a 5% surge last Friday while the LME was off.

Source: theedgemalaysia