Copper price scales $9,000 after Goldman calls it the new oil

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.