Metals-Copper hits record high on weak supply outside US

Zinc also rallied, with LME zinc up 0.7% at $4,011 a ton, after touching $4,035, its highest in more than four years.

Among other LME metals, aluminium climbed 1.2% to $3,351.50 a ton, lead rose 0.6% to $1,911, nickel gained 0.8% to $16,840 while tin shed 0.5% to $54,895.

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 gained 1.7% to $14,749 a metric ton by 1445 GMT, 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 rose as much as 1.5% to 110,890 yuan, its highest since January 30.

In the U.S., COMEX inventories swelled to a record 766,795 short tons, or 695,624 metric tons, as of last Friday, ahead of Monday's U.S. holiday.

U.S. Comex copper futures gained 2.7% to $6.86 a lb, bringing the premium of Comex over LME copper to $375 a ton.