Copper Surges after Being Called the New Oil

Copper prices surged on Thursday to their highest level in about a month and a half, amid positive economic data prompting expectations for higher demand, amid concerns about limited supplies of the red metal.

Copper futures for May delivery rose by 2.2% to settle at $4.22 a pound, reaching its highest closing level since March 2.

Yesterday, Goldman Sachs raised its expectations for copper prices, expecting an average of $11,000 per metric ton during the upcoming 12 months, calling the red metal “the new oil”

Increased demand for copper is expected amid a shift towards clean energy sources around the globe,