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Copper rallied to the highest in 14 months as investors flock to the bellwether industrial metal in response to rising supply risks and hopes for a global recovery in demand.
Disruptions at major mines have left smelters paying historically steep prices to get hold of mined ore, and Chinese plants — which produce more than half of the world’s refined copper — are moving closer to implementing a joint output cut in response. To be sure, worries about demand in China’s property sector and other key industries still loom large, and a seasonal slowdown in activity is lasting longer than bullish investors would hope. But beyond China, there are growing hopes that India’s massive infrastructural spending splurge and the global AI frenzy will open up sizable new areas of demand growth.
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