Copper prices hit record high

LONDON, Jan 29 (Reuters) - Copper prices spiked to a record high of more than $14,000 a metric ton on Thursday, as speculators extended their buying spree, encouraged by expectations of strong demand and supported by a weak dollar and geopolitical concerns.

In volatile swings, copper spiked in the biggest one-day jump in more than 15 years and then gave up much of the gains, while other metals surged before slipping into the red.

Copper, used in power and construction, is a key metal needed for the energy transition, but global exchange-monitored inventories are at high levels, especially in the U.S.

The most-active copper contract on the Shanghai Futures Exchange closed daytime trading 6.7% higher at 109,110 yuan ($15,708.77) a ton, after setting a record of 110,970 yuan.

The gains came despite weak spot physical demand in the biggest consumer market China. The Yangshan copper premium , a gauge of Chinese demand for imported copper, declined to $20 a ton on Wednesday, the lowest since July 2024 and down from $55 in December.