Commodity Surge: Copper Prices Soar as Investors Reinvest in Commodities (COP:NYSE)

[Para 1: The Lead] Copper prices surged, marking the largest one-day gain in over three years, as investors returned to commodities amid a decline. Futures traded above $13,420 per ton in London, a 4.6% increase on Tuesday, the biggest since November 2022. The metal's rally is driven by renewed interest in commodities and optimism over Chinese demand, following a brief drop. [Para 2-3: Supporting details & Context] Copper, crucial for pipes and batteries, has climbed 8% year-to-date, hitting a record above $14,500 last week. This momentum is fueled by government moves to secure supplies and broad investor optimism. China's state-backed industry group called for boosting strategic copper reserves, while local smelters, which produced 47% of the world's refined metal last year, are resilient despite capacity expansion. Daily refined copper spot trading volumes in China were 28,900 tons on Tuesday, down 24% from a three-month peak but still high since November. Glencore Plc agreed to sell 40% stakes in two African copper businesses to a US-backed group, signaling Washington's push for control over critical minerals.