Copper prices rose on Wednesday as persistent worries about potential shortages spurred buying by speculators.

Benchmark three-month copper HG1! on the London Metal Exchange gained 1.2% to $11,721.50 a metric ton by 1110 GMT, having lost 0.5% on Tuesday.

LME copper has climbed by 33% this year and hit successive record peaks in recent weeks, largely on concerns that mine disruptions will result in supply deficits next year.

“The copper market remains fundamentally tight,” said ING commodities strategist Ewa Manthey.

“Upside risks include further mine disruptions and stronger investment momentum in energy transition sectors and AI.”

ING expects copper to average $11,500 in 2026, with a peak near $12,000 in the second quarter, Manthey added.

Investors were also digesting Tuesday’s mixed U.S. labour market data, showing a rebound in job growth along with elevated unemployment in November.

Also supporting the metals market were higher oil prices after U.S. President Donald Trump ordered a blockade of sanctioned oil tankers in and out of Venezuela.

Energy is a key input for producing minerals, meaning that higher oil prices feed into mining costs and metal prices.

The most traded copper contract on the Shanghai Futures Exchange HG1! closed daytime trading up 0.5% at 92,720 yuan ($13,162.04) a ton.

LME aluminium rose 0.6% to $2,893.50 a ton after confirmation on Tuesday that the Mozal smelter in Mozambique will be shut, which will dent global supplies next year.

Among other metals, nickel advanced 0.9% to $14,395 a ton, zinc added 0.4% to $3,053, lead was up 0.7% at $1,956 and tin climbed 2.3% to $41,395.
Source: Reuters