In February 2020 the kick-off theme for the World Outlook Financial Conference chosen by Michael Campbell was “The Coming Commodity Boom”. That decision and recommendation has paid off big time for our subscribers. ~ Ed
Copper topped $10,000 a metric ton for the first time since 2011, nearing the all-time high set that year as rebounding economies stoke demand and mines struggle to keep up.
Prices rose as much as 1.3% to $10,008 a ton on the London Metal Exchange, before slipping back to trade near unchanged. The metal hit a record $10,190 in February 2011.
Copper has been among the best performers in a month where metals ranging from aluminum to iron ore have surged to the highest in years. The rally is being fueled by stimulus measures, near-zero interest rates and signs that economies are recovering from the virus pandemic. A push toward cleaner energy sources is also seen boosting consumption of copper, used in everything from electric vehicles to solar power systems, further straining supplies.
“This is a remarkable run for copper in terms of magnitude and consistency,” said Tai Wong, head of metals derivatives trading at BMO Capital Markets. “The all-time high at $10,190 is just around corner and now practically a foregone conclusion.”
Investors have piled into copper… Click for complete article