Copper jumped to a record high today after Citi lifted its price outlook for the metal, while a weak dollar also provided support ahead of an expected US rate cut next week.
Benchmark three-month copper on the London Metal Exchange was up 1.5% to $11,616 a ton in official open outcry activity.
The metal, widely used in power, construction and manufacturing, earlier rose as much as 2.2% to an all-time peak of $11,705.
LME copper is on course to end the week up 3.8% and has gained more than 30% in 2025.
"I think copper is a slow burn on the upside. The funds are now getting behind it because they can see shortages developing," said SP Angel analyst John Meyer, referring to a series of supply constraints at key mines.
Citi expects copper to continue climbing into early next year and average about $13,000 in the second quarter, up from $12,000 in its October outlook, with its bull case rising to $15,000 from $14,000.
The bank says prices will remain supported by macro-fund buying as investors position for a soft US economic landing, alongside a widening supply shortage.
Such forecasts "help to encourage a few of the bigger funds into copper," Meyer said. "It's a story that has been building momentum."
Meanwhile, aluminium slipped 0.4% to $2,892.50 a ton, while tin eased 0.9% to $40,000.
Lead added 0.1% to $2,016, nickel nudged up 0.1% to $14,915 and zinc was flat at $3,091 after touching $3,125, its highest in almost a year.
