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Copper hits US$10,000 a ton as BHP bid shows tight supply pipeline
Copper hit US$10,000 a ton for the first time in two years as speculation builds that the world’s mines will struggle to meet a coming wave of demand from green industries. The metal has reclaimed that threshold as a historic squeeze on supply of mined ores risks tilting the market into a major deficit, and investors turn increasingly optimistic about demand. One headwind to the rally is that Chinese demand is looking alarmingly soft. The disconnect is evident in futures positioning on the London Metal Exchange, where investors have boosted bullish bets to a record while sales by commercial entities have surged. ... (full story)