(Bloomberg) — Industrial metal prices are powering to the highest in years on bets an economic recovery from the pandemic and worldwide push for cleaner, greener energy will unleash vast amounts of pent-up demand.
From base-metal bellwethers to essential inputs for batteries and home electronics, post-crisis consumption threatens to outstrip near-term supply.
Governments and companies globally are announcing net-zero emissions goals, Europe is rolling out a package of environmental initiatives as part of its growth plan, and President Joe Biden has pledged $400 billion on clean energy research and development over 10 years.
That’s set to expand demand for metals and is boosting companies across the supply chain. Tesla Inc. has surged more than 300% over the past year on a robust outlook for electric vehicles, while miners including Glencore Plc and BHP Group are sounding increasingly upbeat about the outlook for raw materials.
The growing bullishness has even spurred talk about a possible new commodities supercycle. Here’s some of this year’s noteworthy moves from copper to tin and lithium.
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