Copper extended a powerful rally after bursting through $13 000 a ton for the first time, as traders and investors bet on a tighter global market. Three-month futures surged as much as 2% to a record above $13 253 a ton in London on Tuesday, surpassing the peak set on Monday. Concerns that the Trump administration may introduce a tariff on refined metal have drawn holdings into the US, potentially leaving the rest of the world short. “Inventories used to act as a buffer, but now they’re locked in the US,” Li Xuezhi, head of research at Chaos Ternary Futures Co., said by phone. “So the buffer is gone and everyone will ... (full story)