Copper hits record high on weak supply outside US

Zinc also rallied, with LME zinc CMZN3 up 0.5% in official activity at $4,002 a ton, after touching $4,035, its highest in more than four years.

Among other LME metals, aluminium CMAL3 added 0.2% to $3,318.50 a ton, lead CMPB3 rose 0.2% to $1,904, nickel CMNI3 gained 0.5% to $16,805 and tin CMSN3 edged up 0.1% at $55,175.

($1 = 6.7108 Chinese yuan renminbi)

Copper prices extended their rally on Tuesday, hitting a record peak on speculative buying on the back of tight supply outside of the U.S. and weak mine output.

Three-month copper on the London Metal Exchange CMCU3 gained 1.3% to $14,703 a metric ton in official open-outcry trading, surpassing the previous record set on Monday.

LME copper has gained 18% this year, largely due to a large flow of metal moving to the U.S. in anticipation of tariffs being imposed there on refined copper.

Falling inventories outside the U.S., including in China, were driving the gains, said Alice Fox, analyst at Macquarie.

"This is being amplified by supply concerns given the recent storms in Chile and some downward guidance revisions, the re-escalation of the situation in the Middle East reigniting concerns over costs and acid availability, and the continuing bullish narrative about demand for data centres."

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 rose as much as 1.5% to 110,890 yuan, its highest since January 30.