Copper prices surge above $10,000 per ton for the first time in two years
London, United Kingdom – Copper prices rallied above $10,000 per ton on Friday, reaching a peak not seen in two years. The surge was driven by high global demand and limited supplies.
In early trading on the London Metal Exchange, copper prices surpassed the $10,000 mark for the first time since April 2022, hitting a high of over $10,028 before settling at $9,992.50 per ton.
The base metal has attracted attention after mining giant BHP made a bold move on Thursday by launching a $38.8 billion bid to acquire British competitor Anglo American, with the aim of creating the world’s largest listed copper producer.
However, Anglo American rejected the offer on Friday, deeming it too low and describing it as “highly unattractive” and “opportunistic.”
Copper is currently in high demand due to its various uses in the transition to renewable energy, including in electric vehicles, solar panels, and wind turbines.
The metal is also facing upward pressure from factors such as strikes, geopolitical tensions, and increased regulations. In March 2022, copper reached a record high of $10,845 per ton following Russia’s invasion of Ukraine.
