On Friday, copper prices surged above $10,000 per tonne for the first time in two years, driven by robust global demand and constrained supplies.
During early trading on the London Metal Exchange, copper breached the significant $10,000 mark, reaching just over $10,028, marking its highest level since April 2022. Subsequently, it settled at $9,992.50 per tonne.
The spotlight is on this base metal following mining giant BHP’s bold move on Thursday with a $38.8-billion takeover bid for British rival Anglo American, aiming to create the world’s largest listed copper producer.
However, Anglo American swiftly rebuffed the offer on Friday, deeming it “highly unattractive” and “opportunistic.”
Copper is witnessing a surge in demand due to its versatile applications in the renewable energy transition, spanning from electric vehicles to solar panels and wind turbines.
Additionally, the metal faces upward pressure from various factors such as labor strikes, geopolitical tensions, and tightening regulations.
In March 2022, copper hit a record high of $10,845 per tonne following Russia’s invasion of Ukraine.
