Copper prices rallied Friday above $10,000 per tonne for the first time in two years, propelled by soaring global demand and tight supplies.

In early morning trade on the London Metal Exchange, the price of copper breaching the key level for the first time since April 2022 to peak at just over $10,028. It later stood at $9,992.50 per tonne.

The base metal is in the spotlight after mining giant BHP launched Thursday a $38.8-billion takeover bid for British rival Anglo American, in an audacious move to create the world's biggest listed copper producer.

However, Anglo American on Friday rejected the offer as too low, slamming it as "highly unattractive" and "opportunistic".

Copper is currently experiencing a demand boom on the back of its diverse uses in the renewable energy transition, from electric vehicles to solar panels and wind turbines.

The metal faces additional upward pressure from other factors including strikes, geopolitical tensions and increasing regulation.

Back in March 2022, copper had scored a record high of $10,845 per tonne in the wake of Russia's invasion of Ukraine.