Copper futures that are traded in New York surged to a record high after a short squeeze rattled global markets, driving a scramble to redirect shipments of the base metal to US warehouses.

Comex futures for July delivery surged as much as 4.8 per cent to $US5.12 a pound overnight, passing the most active contract’s record set in March 2022. That high on Comex is equivalent to $US11,305 a tonne – more than $US1000 a tonne above the latest price on the London Metal Exchange.