Copper hits $US10,000 as BHP’s bid releases the bulls

Copper prices surged to $US10,000 a tonne for the first time in two years after BHP’s blockbuster bid on resources heavyweight Anglo American sparked renewed confidence in the metal, adding fresh thrust to the wave of M&A sweeping across commodity markets.

BHP’s £31.1 billion ($59.6 billion) bid, which Anglo American knocked back on Friday, followed a more than 15 per cent surge in copper prices this year. Futures rose as much as 1.4 per cent to $US10,000 a tonne on the London Metal Exchange on Friday, the highest level since April 2022.