Copper prices spiked on Monday to a record just shy of $13,000 a metric ton as the London market raced to catch up with gains in China and the U.S. while it was closed on Friday.

LME copper has climbed by 41% this year, fuelled by worries about shortages and also supported by a weak dollar and strong gains in other financial markets.

Benchmark three-month copper HG1! on the London Metal Exchange rocketed by 6.6% to a record $12,960 a ton in Asian trading but pared gains to $12,415, up 2.1%, by 1030 GMT.

Copper on the Shanghai Futures Exchange and the U.S. Comex market hit record highs on Friday while the LME was closed for Britain’s Boxing Day holiday.

“Comex led on Boxing Day,” said Robert Montefusco at broker Sucden Financial.

U.S. Comex copper futures (HGc4) jumped to $5.8395 per lb on Friday, surpassing a record touched on July 23 when the planned date for U.S. tariffs approached.

While the imposition of U.S. tariffs did not affect refined copper, the decision will be revisited next year, prompting a fresh flow of copper to the U.S. to take advantage of higher prices there.

The pile-up of copper in the U.S. has tightened markets elsewhere while mine disruptions have caused many analysts to forecast deficits next year.

The gains in metals were also helped by wider risk-on sentiment, with global equities on track to end 2025 at record highs and oil prices also on the rise.

The most active copper contract on SHFE HG1! touched a record peak of 102,660 yuan a ton, closing daytime trading up 0.8% at 98,860 yuan ($14,105.33).

Supporting gains on SHFE was news on Friday that China would rein in copper capacity growth in the next five-year plan.

Among other metals, LME aluminium ALI1! edged up 0.1% to $2,963.50 a ton, zinc ZNC1! gained 0.7% to $3,112, lead LEAD1! rose 0.9% to $2,012, nickel NICKEL1! was up 1.1% at $15,960 after touching its strongest since April at $16,025 while tin FTIN1! slipped 0.5% to $42,600.
Source: Reuters