Copper Hits Record in China, Jumps in New York on Supply Concern

Copper surged to a record in Shanghai and rallied in New York, adding to substantial annual gains as investors bet on tighter global supplies in 2026, while also pricing in the impact of a weaker US dollar.

In China, prices gained as much as 4.7% to trade near 100,000 yuan ($14,270) a ton on the Shanghai Futures Exchange for the first time. Futures traded on the Comex in New York climbed as much as 5.6% to $5.8075 a pound, the highest intraday level since an unprecedented short squeeze in July. Benchmark trading on the London Metal Exchange will reopen on Monday after the Christmas break.