This post was originally published on this site. Copper climbed back to within half a cent of its record high on Tuesday as an outage at the smelter that processes ore from the giant Grasberg mine compounded a supply squeeze that has held London benchmark prices above $14,000 a tonne for an unprecedented run of sessions, while aluminum jumped to a seven-week high after a Brazilian alumina plant halved output. Copper for September delivery touched $6.7005 a pound ($14,772 a tonne) on the Comex, four-tenths of a cent short of the $6.7045 record set on August 5, before easing to...

This post was originally published on this site. Gold ran to its highest level in almost two months on Tuesday as traders weighed signs of movement toward a deal that would reopen the Strait of Hormuz, before a turn higher in oil pulled bullion back from its peak ahead of a US inflation reading that will shape the Federal Reserve’s appetite for another interest rate hike. Comex December gold touched $4,495.00 an ounce, up 1.7% and its highest since mid-June, before fading to $4,440.00 for a gain of 0.5% by midday in New York. Spot gold was little changed around...