Copper prices hit a record high on Friday in the latest leg of a broad rally across commodity markets sparked by the reopening of major economies and booming demand for minerals needed for the green energy transition.
Copper, used in everything from electric vehicles to washing machines, rose as much as 1.4 per cent to $10.361 a tonne, surpassing its previous peak set in 2011 at the height of a previous commodities boom.
The price has more than doubled from its pandemic lows in March last year due to voracious demand from China, the biggest consumer of the metal, and also investors looking to bet on a big uptick in the global economy and protect their portfolios against potential for rising inflation.
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