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- Copper jumps to highest since 2011 as demand bets reignite rally
Copper jumps to highest since 2011 as demand bets reignite rally
Bloomberg reports that copper surged to the highest in a decade on expectations supply will tighten as the global economic recovery gains traction.
Prices have climbed amid a broad rally across industrial commodities from iron ore to aluminum. The metal’s integral role in the green-energy transition is further fanning expectations that the rally will be long-lived, with countries worldwide rolling out more aggressive climate targets. Goldman Sachs Group Inc. and trader Trafigura Group have said they expect prices to top the record of $10,190 in 2011 and push substantially higher as demand outstrips supply.
Early indicators showed China, the top metals consumer, continued to boom in April after record growth in the first quarter with strong exports and rising business confidence supporting the recovery. Data this week may show the U.S. economy’s accelerating pace of recovery, while Federal Reserve policy makers are likely to reiterate that they are in no hurry to withdraw support.
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