Copper and Gold Close In on Records as Metals Mayhem Continues
- Investors pile into metals while bearish bets unravel
- Nickel spikes more than 7% as protests hit New Caledonia
A worker cuts a copper pipe at a wholesale metal dealer in Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Copper vaulted toward a record in London and nickel spiked nearly 8%, capping a week of big moves in industrial and precious metals markets as bullish investors pile in and bearish bets unravel.
Global benchmark copper contracts on the London Metal Exchange rallied as much as 2.8% on Friday to within striking distance of an all-time high set in March 2022. Copper prices had already hit records in New York and Shanghai this week, as the global market reels from a short squeeze centered on the Comex exchange.