BHP's $38.8B Bid Rebuffed by Anglo American

Copper prices surged above $10,000 per tonne on Friday, marking a significant milestone not seen in two years. The rally was driven by robust global demand and constrained supplies. Trading on the London Metal Exchange saw copper prices breach the $10,000 level for the first time since April 2022, reaching a peak of over $10,028 before settling at $9,992.50 per tonne.

The spotlight on copper intensified as mining behemoth BHP made a bold move with a $38.8-billion bid to acquire British competitor Anglo American, aiming to form the world's largest listed copper producer. However, Anglo American swiftly rebuffed the offer on Friday, deeming it 'highly unattractive' and 'opportunistic'.

The surge in copper demand can be attributed to its versatile applications in the renewable energy sector, including electric vehicles, solar panels, and wind turbines. The metal is also facing upward pressure from various factors such as labor strikes, geopolitical tensions, and tightening regulations.

Earlier in March 2022, copper had hit a record high of $10,845 per tonne following Russia's invasion of Ukraine, underscoring the metal's sensitivity to global events.