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.

Prices rose as much as 0.6% to $14,025 a ton on the London Metal Exchange, inching closer to an all-time high above $14,500 a ton set in January. The move came even as US President Donald Trump’s warning that the ceasefire with Iran was on “life support” sparked fresh turbulence across financial markets.