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Cash copper on the London Metal Exchange closed up 4% to US$10,538 per tonne, with global stockpiles at reported all-time lows.
Three-month copper rose almost 3% to $10,281/t, nearing its peak of $10,747.50/t reached in May.
Adding to supply concerns due to energy shortages, copper bulls have also pointed to the further delays and growing cost blow-out at the Rio Tinto-operated Oyu Tolgoi copper-gold mine expansion in Mongolia.
Shares in Turquoise Hill Resources (TSX: TRQ), which is the majority owner of Oyu Tolgoi and controlled by Rio, fell 15% on Friday.
Copper producers Antofagasta rose 2.13% in London while in Toronto, First Quantum Minerals (TSX: FM) shot up 8%, a day after announcing a new US$2.925 billion loan and credit facility.
At the smaller end of town, Mexico-focused junior GFM Resources (TSXV: GFM.H) gained 87.5% on no news.
Finally, gold is worth $1,770 an ounce on the spot market.
