Copper hit $10,000 a ton for the first time in two years as speculation builds that the world’s mines will struggle to meet a coming wave of demand from green industries.
But recent supply challenges and an improving outlook for global usage are emboldening copper bulls like BlackRock Inc. and Trafigura Group, which say the metal will have to jump even higher to spur the construction of new mines. Copper futures rose as much as 1.7% to $10,033.50 a ton on the LME, the highest level since April 2022. Benchmark prices have rallied by 17% this year. All metals were higher on the LME on Friday.
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