Copper prices surged toward a historic close on Friday, with the London Metal Exchange’s all‑in price index hitting a new record. Traders ignored the lingering stalemate between the United States and Iran, allowing the metal to outpace most risk assets. Copper edged within striking distance of its all‑time high.

Five of the six major LME contracts posted gains, underscoring broad strength across base metals. Zinc and nickel also rose, but copper led the rally, driven by tighter inventories and reports that demand from China’s construction sector is beginning to exceed supply. LME gauge closed at the highest level since 2022.

The price climb reflects investors’ appetite for commodities that can hedge geopolitical risk while offering growth potential. With supply constraints tightening and no clear resolution to the Middle East conflict, market participants expect copper to remain a preferred play. Demand outstripping supply has become a recurring theme across the sector.

Analysts warn that any escalation in the US‑Iran standoff could spur a short‑term rally, but a sustained upward trajectory will depend on continued supply shortfalls and robust industrial usage. For now, copper’s march toward a record close reinforces its status as the benchmark metal for investors tracking global economic health.