This past week was particularly enjoyable for a number of reasons, and while the action in the precious metals sector finally gave me something about which to cheer, prices for the base metals had terrific moves led by GGMA commodity favorite copper , which hit record highs above US$4.70/lb for the first time in the history of global currency debasement.
Notwithstanding the arrival of an "overbought" condition in this poster child for the electrification movement, copper’s performance is a testimonial to a surge in global demand and delayed supply shock brought on by mine closures and COVID-related issues. There exists a confluence of bullish factors in the copper market that supersedes an easier explanation, such as a "weak dollar" or "Chinese hoarding," which includes changes in Chilean tax laws pertaining to mammoth copper production from their Andean cache.
However, it is not simply a copper story. Thirty-day charts for zinc, nickel […]
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