Copper Surges on Supply Threat as Iron Ore Shows Economic Risks
- Supply risks roil copper while investors bet on green demand
- Iron ore sinks on demand headwinds in China’s property market
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Prices for two of the world’s most important mined commodities are diverging quickly, with copper rallying above $9,000 a ton as supply cuts hit the market and iron ore sinking as demand headwinds mount.
Copper has surged 5% this week, ending a months-long spell of inertia, as investors hone in on risks to supply at mines and smelters. Tentatively, traders are also warming to the idea that the worst of a global downturn is in the past, particularly for metals like copper that are increasingly used in electric vehicles and renewables.