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Raise a Glass to Malbec! Malbec World Day, April 17 | SaltWire #reels #shorts #wine #foodLONDON - The commodities super cycle is back with a vengeance if copper's performance since the start of the month is anything to go by.
The promise of a further demand booster from artificial intelligence in the form of bigger data centres is the latest strand in copper's bull narrative. The bulls are also out in force on the CME copper contract, lifting long positions to 119,649 contracts in the week to April 9, a level last seen in January 2018.
Until a few weeks ago the super-bulls were lurking in the options market, buying call options with strikes all the way up to $20,000 per ton. "The actual realisation of demand strength, physical shortages, and or inventory drawdowns" has not been necessary to get the copper rally going, it said in an April 8 research note.
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