Copper surged to its highest-ever level, extending a powerful, months-long rally driven by financial investors who’ve piled into the market in anticipation of deepening supply shortages.

Futures on the London Metal Exchange jumped more than 4% in early Monday trading, taking copper past $11 000 a ton for the first time. The market has seen many optimistic forecasts, and BHP Group’s wants to buy rival Anglo American chiefly for its copper mines.