Copper tested $10,000

Copper tested $10,000 a ton for the first time since 2022. Copper reached $10,000 a ton for the first time in two years as expectations grow that the world’s mines will struggle to meet a wave of demand from green industries. Copper has climbed back to five-figure levels in London after signs of tight mineral supply, along with a recovery in global manufacturing, supported gains in recent months. The premium seen in copper is also encouraging copper bulls such as BlackRock Inc. and Trafigura Group, who say the metal needs to rise further to encourage new mines. Market players are optimistic about demand growth as millions of tons of new supply will be needed in the coming years for electric vehicles, renewable energy and expanding power grids, making it more expensive to build or expand large mines. The recent rally has put copper prices up 17 percent this year. On the supply side, copper needs to reach $12,000 a tonne to encourage large-scale investment in new mines and prevent future shortages, according to Olivia Markham, who manages the BlackRock World Mining Fund. Still, some participants point to a mismatch between the bullish form in copper futures markets and the more cautious picture in physical trading. Premiums are shrinking, inventories are running relatively high and spot prices have long been at a discount to futures.