Copper prices in London soared to a two-year high on Friday, surpassing the crucial $10,000 per metric ton mark, following a record-setting performance in Shanghai. The three-month copper contract on the London Metal Exchange rose by 1.4% to $10,006 a ton, briefly reaching $10,033.50—the highest level since April 2022. Meanwhile, in Shanghai, the most traded June copper contract hit a record peak of 81,180 yuan, closing up 2.2% at 81,100 yuan ($11,192.07).
This surge in copper prices is partly driven by speculation of potential supply shortages and an increased interest from investors following BHP Group’s recent takeover bid for Anglo American. Although the bid was rejected, citing undervaluation, it highlighted concerns about a looming supply squeeze in the market, particularly with rising demand from the green energy sector, according to Ewa Manthey, a commodities analyst at ING.
Despite the bullish trends, there are still apprehensions concerning demand from China, the top consumer of copper. The market indicators show record low premiums for imported cargoes and high inventories, suggesting that the anticipated pickup in demand has yet to materialize.
In related metals trading, aluminium and zinc also posted gains, with aluminium up 1.4% to $2,599.50 a ton, though it faces a weekly decline. Zinc climbed 1.5% reaching a one-year high, while lead and nickel also saw price increases. Conversely, tin experienced a significant weekly loss, marking its largest decline since September, despite a 1.7% increase on the day to $33,230 a ton.
Overall, copper continues its upward trajectory, marking its fourth consecutive week of growth amidst fluctuating global demand and supply dynamics. 
