Copper rally hits 8-year high amid fund manager caution over correction coming
Goldman Sachs and Citi raise their 12-month price target to $10,000 per tonne citing ‘scarcity pricing’
16 February 2021 - 17:32
London — Copper’s red-hot rally rolls on with London Metal Exchange (LME) three-month metal hitting $8,437 per tonne on Tuesday, its highest level since May 2012.
Exchange stocks are low and LME time spreads are tightening. Copper’s microdynamics are reinforcing the macro reflation trade that is lifting prices across the commodities spectrum. Throw in a sprinkling of electric vehicle stardust and you can see why the likes of Goldman Sachs and Citi are doubling down on their bull calls for the copper market...
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