Tony Davis
Global copper prices have soared so much and so fast that “copper is the new oil,” a global commodities expert says, and the Wall Street Journal reports “the world has gone cuckoo for copper.”Copper prices vaulted to over $5 a pound in recent days for the first time ever on various metals and other commodity exchanges. They’re risen steadily all year and now stand about 25% higher than at the start of this year.Prices have risen for eight straight days. The gain has been fueled in part by expectations of increased copper demand for the “green energy economy,” for use in artificial intelligence data centers providing cloud storage and other services, and to respond to increased demand from the military, experts said. On top of that has come short-term upward pressures from speculators.Arizona mines, including three near Tucson, generate about 70% of the U.S.’ total copper production.
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