In London, prices rose more than three percent as Chinese traders returned from a long holiday in an optimistic mood, reacting to fresh signs of supply disruptions.
London Metal Exchange futures jumped to a high of US$11,000 a tonne, approaching a record high above US$11,100 reached last year, helped by strong buying on the Shanghai Futures Exchange and a brisk start to trading as North American markets opened.
Prices have risen due to a series of production cuts at key mines, most recently
The company's flagship asset in Chile. Traders are also monitoring developments at Grasberg, the world's second-largest copper mine, after a landslide last month halted production.
Freeport-McMoRan Inc. plant Indonesia may not resume production until mid-2026, state news agency Antara reported, citing a local official.
Copper also rose amid expectations that
will encourage further policy easing later this year. Below
typically make metals that are not income-producing assets more attractive and can increase demand from industrial users.
The Fed's September minutes showed most officials supported further policy easing, although many emphasized inflation risks. Investors are betting on rate cuts in October and December.
The metal rose three percent to $10,990 a tonne at 2:22 p.m. in London. Most other metals rose, including aluminum, which added 1.8%.
— With assistance from John Dean.
