Copper prices extended gains to hit all-time highs on Wednesday as robust U.S. economic growth boosted demand prospects for the metal, with supply constraints further bolstering prices.

The most-active copper contract on Shanghai Futures Exchange HG1! closed daytime trading up 2.3% at 95,080 yuan ($13,551.88) per metric ton, as of 0723 GMT, after touching a record high of 96,510 yuan earlier in the session.

The benchmark three-month copper on the London Futures Exchange HG1! rose 1.3% to $12,220.0 a ton. It hit a record high of $12,282.0 earlier in the day.

The contract has registered a 39% annual rise on U.S. dollar weakness, bets of further Fed rate cuts, growing demand for AI and the renewable energy transition, and mine supply disruptions that have fueled speculative investment in the metal.

The U.S. economy grew at its fastest pace in two years in the third quarter, boosted by robust consumer spending and a sharp rebound in exports.

Elsewhere on the supply side, China’s top copper smelters will cut production by over 10% in 2026 to counter overcapacity that has led to increasingly distorted copper concentrate processing fees, according to a Chinese market information provider last month.

Further supporting the metals complex, the dollar was headed for its worst annual performance in more than two decades as investors wagered the Fed would have room to cut rates further next year even as some of its peers looked set to hike.

Among other SHFE base metals, nickel NICKEL1! extended gains for a sixth session, rising 4.8% to 126,650 yuan a ton and climbing to a near nine-month high earlier.

The London benchmark nickel NICKEL1! also gained, up 0.7% at $15,845 a ton after touching a seven-month high at $15,980/t on Tuesday.

In Shanghai, aluminium ALI1! added 0.9%, zinc ZNC1! gained 0.9%, lead LEAD1! was up 1.80%, while tin FTIN1! held steady.

Among other LME metals, aluminium ALI1! was 0.9% higher, zinc ZNC1! was up 1%, lead LEAD1! added 0.8%, while tin FTIN1! also rose 1.2%.
Source: Reuters