Copper Heads Toward $12,000 a Ton as Banks Predict Further Gains

Copper climbed to a fresh record and approached $12,000 a ton late in a year dominated by trade turmoil, tight supply and a bullish outlook for long-term demand.

With just a few trading days left before year-end on the London Metal Exchange, copper is up 36% in its biggest annual gain since 2009. The metal that’s crucial for the energy transition has powered higher in recent months as growing concerns about tightening global supply have outweighed a slowdown in demand.