Copper prices rallied Friday above $10,000 per tonne for the first time in two years, propelled by soaring global demand and tight supplies.
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In early morning trade on the London Metal Exchange, the price of copper breaching the key level for the first time since April 2022 to peak at just over $10,028. It later stood at $9,992.50 per tonne.

The base metal is in the spotlight after mining giant BHP launched Thursday a $38.8-billion takeover bid for British rival Anglo American, in an audacious move to create the world’s biggest listed copper producer.
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However, Anglo American on Friday rejected the offer as too low, slamming it as “highly unattractive” and “opportunistic”.

Copper is currently experiencing a demand boom on the back of its diverse uses in the renewable energy transition, from electric vehicles to solar panels and wind turbines.
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The metal faces additional upward pressure from other factors including strikes, geopolitical tensions and increasing regulation.

Back in March 2022, copper had scored a record high of $10,845 per tonne in the wake of Russia’s invasion of Ukraine.

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