Copper has had an impressive run so far this year and after a recent pullback from its record highs, tight supplies and rising demand for the industrial metal suggest prices may climb even higher.
China said in June that it planned to release national reserves of major metals, with a goal to stem the rally in commodity prices brought on by a global economic recovery. The news helped pull copper prices down from the record highs reached the month before. In early July, Beijing auctioned state stockpiles of copper, aluminum and zinc reserves to raise supplies, according to The Wall Street Journal.
He urged caution for traders, however, citing high risk in the copper market. On Riskalyze’s Risk Number scale of 1 to 99, he pegged copper at 97, “meaning it has meaningfully more risk than the general U.S. stock market,” which is at 74 on that risk scale. Refined copper usage began to recover in the second half of 2020, but remains below pre-pandemic levels in most countries, according to the ICSG.
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