What's Behind the Recent Rally in Copper Prices?

The price of copper has surged to an all-time high this week, and in doing so, it broke the $11,000-per-ton mark for the first time ever. The landmark moment is the culmination of a months-long rally driven by financial speculators who predicted that a supply shortage would push up prices. Copper futures – which allow investors who never actually use the metal to bet on the commodity’s price – have risen by 31 percent in the past year and 25 percent year to date, turning heads beyond the niche world of commodity traders.…