WhatsApp Logo Subscribe
For News Alert

News

Copper price tops $10,000 for first time in two years

By AFP

April 26, 2024 03:24 PM


Representational image

Twitter Share Facebook Share WhatsApp Share

Copper prices rallied Friday above $10,000 per tonne for the first time in two years, propelled by soaring global demand and tight supplies.

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.

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.

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.


AFP


Most Read

  1. Hania Aamir and Zaviyar Nauman's Nikkah glam gives ‘heart attack’ to many Hania Aamir and Zaviyar Nauman's Nikkah glam gives ‘heart attack’ to many
  2. Actress Khushboo shot dead in Nowshera Actress Khushboo shot dead in Nowshera
  3. Guard shoots dead his employer in Lahore’s Ghalib Market Guard shoots dead his employer in Lahore’s Ghalib Market
  4. Sania Mirza seeks forgiveness ahead of Hajj pilgrimage Sania Mirza seeks forgiveness ahead of Hajj pilgrimage
  5. Wajdan’s high demands from Chahat Fateh Ali Khan shock everyone Wajdan’s high demands from Chahat Fateh Ali Khan shock everyone
  6. Pakistani stars voice frustration after losing to India in T20 World Cup Pakistani stars voice frustration after losing to India in T20 World Cup

Opinion

  1. Premier Shehbaz and Chinese model
    Premier Shehbaz and Chinese model

    By Naveed Aman Khan

  2. Modi's myth broken, yet in power
    Modi's myth broken, yet in power

    By Naveed Aman Khan

  3. Xi, Shehbaz and CPEC phase - 2
    Xi, Shehbaz and CPEC phase - 2

    By Naveed Aman Khan

  4. Pakistan's UNSC Triumph: A New Era
    Pakistan's UNSC Triumph: A New Era

    By Dr Asif Channer

  5. Shehbaz, Deng, Xi and transformation
    Shehbaz, Deng, Xi and transformation

    By Naveed Aman Khan

  6. Higher voter turnout rejection of Modi’s policies in Kashmir
    Higher voter turnout rejection of Modi’s policies in Kashmir

    By Dr Ghulam Nabi Fai