Copper prices are surging, and for once it’s not because the economy is booming.
The metal – known colloquially as Dr. Copper because its performance is often used to gauge the health of the overall economy – has surged by a staggering 45% since mid-March. That’s despite the International Monetary Fund downgrading its global forecast and a resurgence of Covid-19 infections forcing governments around the world to re-impose business-crippling lockdowns.
Copper’s gain has been driven chiefly by concerns over strains on supply from key producers South America.