Supply worries, big speculation push copper to new highs

News Snapshot:

The global market for copper and even for copper-related stocks is heating up so fast it is creating a short squeeze in global copper markets. The result is that copper, which closed at $4.9245 per pound Wednesday, is up 5.6% this week alone after a 4.6% gain a week ago. Copper has jumped nearly 27% this year, with most of the rise coming since the end of March. The commodity briefly jumped above $5 a pound to a record $5.128 a pound during Wednesday's trading. Related: Is copper the new gold? The U.S. Copper Index Fund (CPER) , which invests...