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Copper Strikes New Decade High, Counters Oil Weakness

COMMODITIES
  • Copper prices cleared the late February highs early Monday, hitting the best levels since 2011 at $442.00 as markets further price in a swifter economic recovery later in 2021.
  • Traders continue to focus on the sizeable infrastructure plans expected to be laid out by President Biden this week, with a focus on clean energy and electric vehicles seen driving demand for industrial metals. Steel and iron ore prices are similarly strong.
  • Countering strength in metals, the energy complex is soft, with both WTI and Brent crude futures in negative territory ahead of Monday's open. This week's OPEC+ meeting takes focus, with the JMMC starting Monday, before the full ministerial event on Wednesday.
Energy BulletsCommodities
Energy BulletsCommodities

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