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A company aspiring to build the US’s first large-scale cobalt processing facility announced an agreement that could allow it to source hand-dug metal from the Democratic Republic of Congo.

Copper extended gains above $14,000 a ton, inching toward a record high seen earlier this year, as supply risks mount on mine disruptions around the world.

Copper jumped above $14,000 a ton, closing in on a record high as a rebound in Chinese demand and rising supply risks outweigh concerns about the Iran war’s impact on global growth.

At Asia’s biggest metal industry gathering last week, a single word dominated almost every conversation — fapiao, China’s humble tax receipt.

Copper headed for its highest-ever close and other metals advanced as traders shrugged off the apparent deadlock between the US and Iran to join a broader rally for risk assets.

An investigation into circular invoicing has expanded to Shanghai, where it threatens to roil the industry.

Copper fell after the US and Iran exchanged fire in the Persian Gulf on Monday, casting doubt over the fate of a ceasefire and raising concerns about further escalation in the conflict that’s upended global markets.

For copper miners Southern Copper Corp. and Vale SA, surging prices of byproducts like gold and silver are creating an unusual situation: The cost of producing the red metal has turned negative.

Japan’s big five trading houses are set to benefit from war-related supply disruptions this year, with higher energy and metals prices driving stronger earnings.

China’s metals industry began this year with its biggest profits in at least a decade as soaring prices for aluminum and copper handed the sector a major boost.

A sweeping crackdown by China’s tax authorities is rattling traders in the world’s biggest metals market, with many firms grappling with severe reductions in invoicing quotas that underpin their trading activities.

Lumina Metals Corp. and one of its shareholders raised C$406.2 million ($297 million) in an upsized Canadian initial public offering.