Copper surged to a record in Shanghai and rallied in New York, adding to substantial annual gains as investors bet on tighter global supplies in 2026, while also pricing in the impact of a weaker US dollar.
In China, prices gained 2.7% to 98,780 yuan ($14,090) a ton on the Shanghai Futures Exchange, while contracts rose 3% to hit $5.743 a pound on the Comex. For the US benchmark, that’s the highest since an unprecedented short squeeze in July. The London Metal Exchange will reopen on Monday after the Christmas break.