Why copper's 12% surge over the past month could signal bright times ahead for the broader economy
we think there's a very good chance the economy can avoid a recession in 2023. To see copper improving recently could be another sign that Doctor Copper is sniffing out this lonely call."
But rising copper prices aren't always driven by an increase in demand for the commodity, and could instead be impacted by other factors. Fundstrat's Tom Lee told Insider on Friday that the recent rally in copper could potentially be attributed to quarter-end positioning dynamics, while Interactive Brokers' chief strategist Steve Sosnick said dwindling copper supplies could be to blame.
"It is notable that copper futures are in greater backwardation than normal. As prices rose over the past month, front month futures rose faster than back months. That could indicate some short-term relative scarcity that is pushing up prices," Sosnick told Insider.could be impacting copper prices more so than broad economic strength"since other key commodities like oil are hardly signaling economic strength.
Whether the recent surge in copper prices is being driven by economic strength or dwindling supplies, the sustainability of the rally will likely be the tell, and that's why investors should pay attention to where copper prices go from here.
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