Copper hits record high after Citi lifts price outlook

Copper prices hit a record high after Citi raised its price outlook, driven by supply concerns and optimism for a U.S. Federal Reserve rate cut. Shanghai copper rose 1.18% to 91,860 yuan per ton, while London copper gained 0.95% to $11,558.5 per ton. The market is supported by macro-fund buying and a supply shortage. Mercuria withdrew over 40,000 tons from LME warehouses, affecting U.S. stockpiling. Other metals showed mixed movements.