The price of copper rose to $10,000 per ton

The price of copper rose in Friday trading to $10,000 per ton for the first time in two years in light of concerns about the inability of mining companies to meet the growing demand for the metal from environmentally friendly industries..

Bloomberg News Agency reported that copper has returned to this high price level due to historical pressure on mine production, which threatens the emergence of a large shortage in market supplies, with growing optimism about demand for it..

In a related context, recent supply challenges and rising expectations for the global use of copper have encouraged copper contracts trading companies such as “BlackRock Financial Investment and Asset Management” and “Trafigura Metals and Raw Materials Trading” to speculate on the rise of copper, as the two companies say that the metal will have to jump higher. This is to stimulate the construction of new mines.

Olivia Markham, co-manager of the BlackRock Mining Fund, said that investors need the price of copper to rise to $12,000 per ton so that they can make significant investments to establish new mines to fill the market deficit in the future..

In London Metal Exchange transactions, copper futures contracts rose today by 1.7 percent, reaching $10,033.5 per ton, which is its highest level since April 2022, while standard copper contract prices rose since the beginning of this year by 17 percent, within the rise witnessed by all other metals since the beginning of the year. .

(Sky News)