Copper rally gathers steam on supply concerns, weaker dollar

Copper’s rally has been aided by a series of supply setbacks, including Freeport-McMoRan Inc.’s declaration of force majeure at the giant Grasberg mine in Indonesia last month Photo by Derek Ruttan/London Free Press/Postmedia files

Copper recorded its biggest weekly advance in year, with prices edging closer to a record set last year, as supply disruptions , a weaker United States dollar and optimism about demand support gains.

Three-month futures on the London Metal Exchange rose 5.2 per cent for the week, the biggest weekly advance since late September last year. Copper climbed 2.1 per cent on Friday alone, settling at US$10,715 a ton — less than US$400 shy of an all-time high.

Copper has surged by 22 per cent this year, despite concerns that the U.S.-led trade war would re