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Copper, iron ore hit records as demand surges but stocks mixed

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Copper and iron ore prices hit record highs Friday as demand for the key commodities surges on the back of a powerful recovery in the global economy, though Asian equity markets struggled to maintain an early rally ahead of a keenly awaited US jobs report.

With major economies led by the United States and China reopening after last year’s shutdowns, industries are ramping up production, pushing the cost of materials ever higher as traders also worry about a lack of supply caused by the pandemic.

And Commerzbank AG analyst Daniel Briesemann added: “The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years. “The global economic recovery is lifting steel demand with China’s steelmakers keeping elevated levels of output, despite production curbs aimed at reducing carbon emissions and reining in supply,” said National Australia Bank’s Rodrigo Catril.

They come a day after a forecast-beating reading on unemployment benefits that showed claims fell to their lowest since the coronavirus struck last year, and two days on from news that 742,000 new jobs were created in the private sector in April.

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