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Inflation Fear and Green Hope Drive Investors Into Copper

  • Positioning hits highs amid expectations of economic rebound
  • Metal considered central to energy transformation policies
Russian Gold Bar Production At Ural Mining And Metallurgical Co.
Photographer: Andrey Rudakov/Bloomberg

The copper market is experiencing a wave of investor interest the likes of which it hasn’t seen for a decade.

A flood of investor dollars lifted the bellwether industrial metal to a seven-year high of $7,520 a ton this week. But traders, recalling the last major copper bull market when the metal topped $10,000 a ton in 2011, are braced for further fireworks as the prospect of a global economic rebound spurs worries about inflation, and governments plow money into metals-intensive “green” stimulus packages.