(Bloomberg) — Copper surged to its highest-ever level, extending a powerful, months-long rally driven by financial investors who’ve piled into the market in anticipation of deepening supply shortages.
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Futures on the London Metal Exchange jumped more than 4% in early Monday trading, taking copper past $11,000 a ton for the first time. The market has seen many optimistic forecasts, and BHP Group Ltd.’s wants to buy rival Anglo American Plc chiefly for its copper mines.
Several developments in 2024 have emboldened copper bulls and drawn in a rising flow of speculative money. Tight supply of copper ore fueled talk of output cuts by smelters, while a short squeeze on the New York futures market this month triggered a global rush to secure the metal.
“That has taken prices to another level and it’s very difficult to call a top in this environment,” Craig…
