Copper prices rose above $10,000 per tonne on Friday for the first time in two years, fueled by rising global demand and restricted supplies.
In early morning trading on the London Metal Exchange, copper prices broke through the crucial barrier for the first time since April 2022, peaking at little over $10,028. It eventually settled at $9,992.50 per tonne.
The base metal is in the spotlight after mining giant BHP filed a $38.8 billion acquisition attempt for British rival Anglo American on Thursday, in an audacious move to become the world’s largest publicly traded copper producer.
However, Anglo American rejected the offer on Friday as too low, calling it “highly unattractive” and “opportunistic”.
Copper is currently seeing a surge in demand due to its wide range of applications in the renewable energy transition, including electric vehicles, solar panels, and wind turbines.
Strikes, geopolitical tensions, and increased regulation all contribute to the metal’s rising pressure.
Copper reached a record high of $10,845 per tonne in March 2022, following Russia’s invasion of Ukraine.