NEW YORK — Copper traded within striking distance of its all-time high Thursday, touching $14,196.50 a metric ton on the London Metal Exchange — a 0.8 percent gain on the day and the eighth consecutive session of advances. The record stands at $14,527.50, set earlier this year.
Mine disruptions across multiple regions have reduced available output, tightening supply and driving the rally. Goldman Sachs cited those constraints as the primary driver in a bullish forecast for the metal.
Aluminum also surged to a four-year high, signaling broad strength across industrial base metals.
For fixed-income markets, the move carries duration implications. Persistent commodity inflation tends to steepen the yield curve as long-end Treasuries reprice higher inflation expectations into forward rates — compressing spreads on investment-grade credit and pressuring holders of long-duration pa. Shorter-duration strategies and inflation-protected securities offer a more defensible position if copper's supply squeeze extends the commodity bid.
