- Copper briefly tops $10,000/ton for the first time since 2011, as rebounding economies spark rising demand and mines struggle to keep up.
- Copper futures (HG1:COM) on the London Metal Exchange rise as much as 1.3% to $10,008/mt, closer to the record $10,190 set in February 2011.
- ETFs: COPX, CPER, JJC, JJCTF
- Relevant tickers include FCX, SCCO, TECK, HBM, RIO, BHP, VALE.
- A broad rally in industrial metals is being fueled by stimulus measures, near-zero interest rates and signs that economies are recovering from COVID-19, with an extra boost for copper provided by the surge in cleaner energy uses in everything from electric vehicles to solar power systems, further straining supplies.
- "This is a remarkable run for copper in terms of magnitude and consistency," says Tai Wong, head of metals derivatives trading at BMO Capital.
- Saying the global green energy transition will continue to support a surge in copper demand as supply remains relatively scarce, Goldman Sachs recently predicted copper will hit $15K/ton by 2025.