fishtablearcadenearme| Luntong broke the 10,000 mark again in two years. Bulls shouted: Only by another 20% increase can supply be restored

Financial Associated Press, April 27 (Editor Zhao Hao) Friday (April 26) European timeFishtablearcadenearmePrices of base metals on the London Metal Exchange (LME) generally roseFishtablearcadenearmeAmong them, copper for delivery in 3 months rose by more than 1.Fishtablearcadenearme.7%, back above US $10,000 per ton after two years.

As of press time, copper futures reduced some of their intraday gains to 1.FishtablearcadenearmeAround .1 per cent, it is now quoted at US $9974 per tonne, up more than 16 per cent year-to-date. At the same time, copper futures shippers on the New York Mercantile Exchange also rose more than 0.7%.

Analysts believe that the steady rise in copper prices is due to speculation that global mines may not be able to meet the upcoming wave of green demand. It is understood that large mines have become more difficult to explore and the cost of construction and expansion has become higher.

But in the coming years, millions of tonnes of new supplies will be needed for electric vehicles, renewable energy and a much-expanded grid. While investors are becoming more and more optimistic about the prospect of this demand, supply is facing historic pressure, and a serious shortage of supply may be imminent.

Citi expects copper demand to exceed supply this year, with a shortfall of 1 million tonnes over the next three years, while Morgan Stanley forecasts a shortfall of 700000 tonnes in 2024. It also gives copper bulls a boost, saying copper prices will have to jump higher in order to stimulate the construction of new mines.

Earlier this week, Olivia Markham, a portfolio manager at BlackRock World Mining Trust, said copper needed to reach $12000 a tonne to stimulate large-scale investment in new mines.

BHP Billiton has made an all-share offer for Anglo American, which has a large copper business in South America, with a valuation of 31.1 billion pounds ($38.8 billion). This reflects the current problems facing the mining industry, with many miners preferring to buy competitors rather than start an entirely new project.

"it tells you that it's too expensive to build new things," said Colin Hamilton, global head of commodities research at BMO. Within days, Anglo American rejected the offer, in part because BHP's proposal "grossly underestimated" the company and its future prospects.