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

With copper demand set to soar once more, there are mounting concerns that producers will struggle to plug the gap as they battle a host of technical and regulatory pressures. In top producer Chile, a group of port workers this week began protests against the government’s pandemic relief policies, 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.