Wedoany.com Report-Dec.1, London Metal Exchange (LME) copper prices reached a new record high on Friday, surpassing $11,200 per tonne for the first time.

A worker loads copper cathodes into a warehouse near Yangshan Deep Water Port, south of Shanghai in this March 23, 2012 file photo.

The benchmark three-month copper contract climbed as much as 2.5% during the session to $11,210.50 per tonne, exceeding the previous all-time high of $11,200 recorded on October 29.

Several factors supported the price increase. A weaker U.S. dollar made dollar-denominated metals more affordable for holders of other currencies, encouraging buying activity. In Chile, the world's largest copper producer, mine output fell in October compared with the previous month, tightening available supply. Meanwhile, major Chinese smelting companies have announced plans to reduce production in response to limited availability of copper concentrate and lower processing fees, further supporting market sentiment.

By the close of trading, the three-month contract settled at $11,177 per tonne, still well above the prior record.

The gains extend a strong upward trend seen throughout the year, with LME copper now up more than 30% since January. Market participants continue to monitor supply developments in major producing countries and the pace of global demand, particularly from sectors such as electric vehicles, renewable energy infrastructure, and power grids.

Other base metals also advanced on Friday, reflecting broad strength across the complex. LME aluminium, zinc, and nickel all posted gains ranging from 1% to 2%, supported by the same dollar weakness and positive risk sentiment in financial markets.

Analysts note that while short-term supply constraints remain a key driver, longer-term demand growth tied to energy transition and infrastructure spending continues to underpin expectations for copper. Inventory levels on the LME and other major exchanges remain relatively low by historical standards, adding to the supportive backdrop for prices.