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Copper Surges to Two Year Highs
The rally in copper prices continues to gain ground this week with copper futures breaking out to further fresh highs on the year. Copper futures are now up around 33% off the YTD lows and look poised for further gains due a supportive macro backdrop. Ongoing supply concerns, rising demand in China and dovish Fed expectations are helping drive price higher here with futures now at their highest level in over 2 years. Chinese Demand In China, industrial activity has been rebounding in recent months with imports of copper growing, despite the rising cost. With supply levels still down on the back of the pandemic and ... (full story)