Copper resumed its rally on Wednesday, as analysts and executives expect increasing demand and likely low supply to drive prices even higher.
Copper for delivery in May was up 2.51% in afternoon trade, with futures at $4.1310 per pound ($9,088 a tonne) on the Comex market in New York.
The industrial bellwether metal is crucial in the global push for a greener economy, and right now, the market is facing a supply crunch.
US’s post-pandemic recovery and the Biden Administration’s infrastructure plan are helping to build momentum for base metals.
Copper price scales $9,000 after Goldman calls it the new oil
Pretty Penny by JD Hancock is licensed under CC BY 2.0
Pretty Penny by JD Hancock is licensed under CC BY 2.0