Copper Surges to Fresh Record as Inventories ‘Locked in the US’

Copper extended a powerful rally after bursting through $13,000 a ton for the first time, as investors bet on tighter supply and a risk-on mood took hold in broader financial markets.

Three-month futures surged as much as 3.1% to a record $13,387.50 a ton on the London Metal Exchange on Tuesday, surpassing a peak set on Monday. Expectations that the Trump administration may introduce a tariff on refined metal have drawn huge volumes of inventory into the US, potentially leaving the rest of the world short as miners struggle to boost output.