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The World’s Industrial Comeback Drives Metals to Multi-Year High

  • Key Chinese indicators point to robust demand for commodities
  • Biden summit is intensifying the spotlight on climate pledges
Bloomberg business news
Copper Hits Highest Level Since 2011 as Metals Rally
Updated on

Industrial metals from copper to aluminum to iron ore have rallied to the highest level in years.

The reasons for their gains are plentiful: Copper -- critical for everything from electrical wiring to motors and thus a bellwether for the global economy -- broke out of its recent range to trade near the highest since the last supercycle as industrial operations ramp up worldwide. Iron ore, aluminum and steel are meanwhile gaining on speculation that production cuts will shrink supplies just as demand is taking off. And a weaker dollar is making commodities traded in the currency cheaper to buy.