Copper’s recent surge to a record wasn’t justified by real-world supply and demand, according to Trafigura Group — the top copper trader and usually one of the market’s most bullish voices.

“Prices of non-ferrous metals have moved much higher than fundamentals in the physical spot market might indicate or justify, especially for copper,” Trafigura chief economist Saad Rahim wrote in a commentary accompanying the trader’s first half results on Thursday.