Copper climbs to near-decade high
Tuesday, February 23rd, 2021
Copper has reached its highest price on the London Metal Exchange since September 2011 after an 11th straight monthly gain.
Prices peaked at US$9269.50 ($11,714) per metric tonne on Friday.
It marks the first time copper has risen above US$9000 per metric tonne since 2011, the same year that the commodity achieved its record US$10,190 price.
Janus Henderson head of global natural resources Daniel Sullivan said countries and corporations committing to net zero carbon emission targets by 2050 would drive up demand of clean energy metals including copper.
“This is a global, multi-year trend, driven by the growing adoption of electric vehicles (EVs) and continued investment in renewable energy generation,” he said.
“With many countries and corporations committing to net zero carbon emission targets by 2050, a massive transformation will be required to attain them.
“Commitment to these targets will result in strong demand for copper, nickel, aluminium, cobalt, lithium, graphite and various rare earths as they are key components in EVs and renewable energy generation infrastructure.”
Sandfire Resources climbed from $5.17 on Friday to $5.61 on Monday.
OZ Minerals soared by 7 per cent, from $21.15 on Friday to $22.63 yesterday.https://www.australianmining.com.au/news/copper-climbs-to-near-decade-high/