Copper Hovers Near $11,000 as Test of Record High Beckons

Copper hovered below $11,000 a ton, trading within striking distance of a record set last year, on concerns about supplies following a spate of mishaps at some of the world’s biggest mines.

The metal — used in pipes, wires and batteries — has rallied by about a quarter this year, recovering from a deep sell-off in April triggered by the Trump administration’s escalation of the trade war that month. Supply challenges have moved to the forefront of investor concerns, including a suspension of Freeport-McMoRan Inc.’s vast Grasberg pit in Indonesia after a fatal mudslide.