Copper hits highest since 2011 on global recovery

Bloomberg

Copper climbed to the highest in almost a decade as the global recovery from the pandemic extended a rally in metals markets.
Aluminum is surging and iron ore jumped to a fresh high as commodities advance toward the highs of the last supercycle. Metals are benefiting as the world’s largest economies announce programs to build back greener from the coronavirus shock.
The US recovery is accelerating and President Joe Biden’s $2.25 trillion infrastructure plan will highlight sectors like electric cars, driving further gains in commodities critical to the green-energy transition. That’s coming alongside a continued economic boom in China, where a push to reduce emissions is filtering through to supply cuts for some metals just as demand is picking up.
“Global demand is recovering, led by China, while the green transition is bolstering sentiment further,” Zhu Yi, an analyst with Bloomberg Intelligence, said. “Demand will stay resilient, while supply won’t expand, upside momentum will go forward.”
Copper rose 2.1% to $9,750 a ton in London, the highest since 2011. Iron ore in Singapore jumped to the highest since contracts launched in 2013, while Chinese steel futures reached fresh highs.