Copper Extends Record-Breaking Run as Citi Joins Bullish Chorus

Copper in London settled near a new all-time high, propelled by a bullish price outlook from Citigroup Inc. as traders anticipate a shortage caused by stockpiling in the US.

The industrial metal closed 1.5% higher at $11,620.50 a ton on the London Metal Exchange on Friday after earlier setting a fresh record of $11,705 a ton that topped the previous all-time high earlier in the week. The moves came as Citi analysts outlined a base scenario that sees copper averaging $13,000 a ton in the second quarter as inventories build up in the US.