Jan 29 (Reuters) - Copper touched a record high on Thursday, as part of a broad metals rally, supported by investors' appetite for physical assets amid geopolitical risks and a weak dollar.

The most-active copper contract on the Shanghai Futures Exchange closed daytime trading surging 6.71% to 109,110 yuan ($15,708.77) a metric ton, after up 8.53% setting an all-time high of 110,970 yuan a ton earlier in the session.

Sign up here.

The benchmark three-month copper on the London Metal Exchange also showed strength, climbing 6.32% to $13,913.50 a ton, as of 0700 GMT, after spiking 7.94% to hit an all-time peak of $14,125.

The Shanghai contract rose 9% so far this year, while the London benchmark moved up more than 11%, following the record-setting rally in 2025, fuelled by supply concerns stemming from mine disruptions and regional dislocation amid U.S. tariff threats.

Copper is rising as investors move over from the strong gains in gold and silver, traders said.

Copper's gain on Thursday came after gold and silver set records due to investors' rush to physical assets amid geopolitical risks, as U.S. President Donald Trump on Wednesday threatened Iran with possible attacks if it did not strike a deal on nuclear weapons.

The U.S. dollar steadied after the Federal Reserve left interest rates unchanged on Wednesday, but still hovered around recent lows.

A weak dollar helped support greenback-denominated commodities by making them more affordable for investors using other currencies, thereby boosting demand.

The gains in the red metal came despite weak spot demand in the biggest consumer market China. The Yangshan copper premium , a gauge of Chinese demand for imported copper, declined to $20 a ton on Wednesday, the lowest since July, 2024.

Elsewhere, aluminium remained strong. The most-active contract closed 2.92% higher to 25,590 yuan a ton, and the London benchmark climbed 1.30% to $3,299.50.

Among other SHFE base metals, zinc climbed 2.91% lead added 1.09%, nickel rose 1.79% and tin nudged 0.28% higher.

Elsewhere on LME, zinc surged 2.91%, lead climbed 1.44%, nickel rose 2.49% and tin added 1.07%.

($1 = 6.9458 Chinese yuan renminbi)

https://www.reuters.com/world/china/copper-sets-record-amid-geopolitical-risks-weak-dollar-2026-01-29/