Copper Surges Toward $10,000 as Bulls Bet on Global Rebound

Copper’s stunning rally toward all-time highs above $10,000 is accelerating, with bulls swarming in to profit as stimulus measures, vaccine rollouts and climate pledges fuel a global recovery from the pandemic.

Copper extended gains to the highest in a decade on Tuesday as global growth underpinned a rally in metals markets ranging from aluminum to iron ore, which by one measure reached a record high. Commodities are advancing toward the highs of the last supercycle, when prices spiked in the early 2000s on a jump in Chinese orders.

Just as copper demand is set to soar once more, there are mounting concerns that producers will struggle to plug the gap as they battle technical and regulatory pressures. In top producer Chile, a group of port workers began protests against the government’s pandemic relief policies this week, threatening near-term supplies. In the longer term, producers worry that plans to boost mining royalties could stifle investment and make the country less competitive.