Funds betting big on commodities.
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Even with the lack of demand in china and lower levels of Shanghai Copper…it’s copper levels are still at uber high levels on a multi year comparision. These funds are really betting on a China ala 2009/2010 which is not coming at all.
It could also have something to do with the overall shortages of resources.
Depending on who you believe, copper has about 60 years left of supply… gold has about 40 and silver has 20. From that perspective, one could argue that copper should be where gold was 20 years ago.
There’s also the increase of cash that has to go somewhere, and with low bond yields, and risk of government defaults, commodities and equities seems like the only place it can go.