Copper above $10 000 as supply worries counter faltering demand

Copper climbed above $10 000 a ton as predictions for tighter global supplies and rising consumption in electric vehicles and power grids countered signs of demand destruction in top user China.

Prices of copper have risen 17% this year on fears of shortages, with aging mines forecast to struggle to keep pace with demand. Supply growth is stagnating, according to ANZ Group Holdings analysts including Daniel Hynes. Prices needed to stay around $12 000 a ton to achieve a 10% rate of return for a 300 000-ton mine, they said.