Copper Keeps Ripping
Copper has been powering higher in the last month.
This move adds another leg to a run that started a year ago. (To be fair, copper was trading around US$2.60 per lb. before crashing to just US$2.10 per lb. when COVID hit. So the chart below catches a bit of the COVID crash, but only a bit.)
This last month copper has traded higher no matter what other metals are doing, often even no matter what the US dollar is doing. I’ve discussed before the swath of bullish medium- to long-term narrative, which distill down to overall recovery plus green energy pushing demand higher against in sufficient supply.
In discussing copper, I had cautioned that a pullback might materialize. And so it did, sort of, with the price sliding from $4.25 per lb in late February to $3.98 per lb a few weeks ago.
Looks like that might have been it. The thing with copper is that, despite being a massive market that turns over 20 million tonnes of metal a year, it is also always a tight market. And the thing with tight markets is that they are easily disrupted and they respond to disruption, especially when
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