Supply vs demand.
Warehouse levels are at lows and we're about to have unprecedented stimulus spending which will likely target green energy. Green energy needs lots of copper.
Look at the warehouse levels:
To build 20m new Teslas it requires an increase in global copper demand by 9%. That's just Tesla's. Think about the other brands. Think about the electrification infrastructure they need to support them. Underground wiring, charging stations, green power plants because millenials concerned with carbon won't want to be powering their clean Tesla's with coal power.
Also take into account that copper discoveries are declining and grades are reducing in existing mines as they near their end of life. We're going to use more copper in then next 15 years than humanity has used since the dawn of time. Where exactly is it coming from?
Also we just hit 8 year highs.
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