New York (CNN Business) Copper prices climbed to their highest level in nearly a decade Friday as investors in the commodity anticipate rising demand for infrastructure and construction projects in the post-pandemic economy. On Friday, the price of copper climbed above $4 per pound for the first time since September 2011. The base metal is used in many construction materials, including electrical wires and water pipes. The uptick is being driven by short and long term optimism for the commodity due to both strong expected demand and supply constraints. Although it was that nation's slowest annual growth rate since the 1970s, it was also a welcome positive surprise after the world experienced its worst economic shock in recent memory.

Source: CNN February 19, 2021 17:37 UTC