Copper price surges past $11,000 on supply squeeze

The copper price continued to rally towards record highs on Tuesday as signs of extremely tight supply outweighed concerns that slowing growth in China will impact demand.

Traders were paying huge premiums for quickly deliverable copper after stockpiles in the London Metal Exchange’s (LME) warehouse system tumbled to their lowest level in decades.

Copper for delivery in December rose on the Comex market in New York, touching $4.8055 per pound ($10,572 per tonne), a record high.