Copper Hits Fresh Record on Fears of Global Supply Squeeze

Copper prices climbed to a fresh record on Friday, driven by fears of a global supply shortage as traders stockpile in the U.S. and optimism around interest-rate cuts by the Federal Reserve next week.

In afternoon trading in Europe, futures on the London Metal Exchange rose 1.6% to $11,617 a metric ton after hitting an intraday high of $11,705 a ton. Prices have risen more than 32% so far this year.