Global investors are piling into bullish wagers on copper prices, sparking the quickest rally in the industrial metal in years and signalling that many money managers remain hopeful about the economic outlook despite rising coronavirus cases in much of the U.S.
With investors pouring money into assets that have performed well recently, front-month copper futures climbed in 12 consecutive sessions through Monday to $2.94 a pound, their highest level since April 2019. They slipped on Tuesday and Wednesday. Still, the 12-session winning streak was the metal’s longest since late 2017, when a rosy outlook for the world economy and upbeat momentum pushed prices higher.
Because copper is widely used in the global manufacturing sector and critical to making everything from smartphones to houses, many market watchers use its price as an economic indicator.
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