SINGAPORE - Copper in London traded within 0.3 percent of a record as investors sought to hedge against a declining dollar and on speculation that demand will outpace supply as the global economy extends its recovery.

Copper for three-month delivery on the London Metal Exchange rose as much as 0.3 percent to $9,725 a ton before trading at $9,714.75 a ton at 11:15 am Singapore time. The metal, which reached a record $9,754 on Jan 4, gained as much as 1.1 percent on Tuesday, the most in a week.

The world may have a shortfall of 500,000 tons to 600,000 tons of refined copper in 2011, according to JPMorgan Securities Ltd. The International Copper Study Group has predicted a shortage of 435,000 tons.