This year’s commodities slouch is playing catch up.
Copper has suddenly burst into life, surging 14 per cent this month to above $5,500 a tonne as investors pick apart widely held assumptions about the underlying dynamic for a metal used in everything from wiring to power grids.
The concern over a wall of supply from projects commissioned in the aftermath of the financial crisis is fading just as more optimistic views on demand in China and the US emerge.
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