Copper Resumes Rally Fueled by Mine Setbacks, Fed Outlook

Copper resumed a rally boosted by supply snarls at major mines and expectations that the Federal Reserve will cut interest rates again this month.

Futures traded above $10,700 a ton on the London Metal Exchange, up by more than 7% in two weeks, following a slight retreat on Monday. The increase has been fueled by supply disruptions at Freeport-McMoRan Inc.’s Grasberg mine in Indonesia and elsewhere. Prices are roughly just $400 shy of a record.