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Market Update: Copper Rally Picks Up Steam
Copper futures climbed above the $4.60 per pound mark in the last week of May, not far from a record-high of $4.84 per pound hit earlier this month, underpinned by upbeat US economic data and the threat of strikes in mines in top copper producer Chile. Recent readings from the United States, including better than expected jobless claims, reinforced a positive narrative of economic strength, while President Bidens multitrillion-dollar infrastructure plan lent further optimism to the copper bulls. Also, given how crucial copper is in the transition to a carbon-free world, demand is due to outstrip supply this year due to a lack of investment by large miners. [/s2If]
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