The Bloomberg Commodity Spot Index, a basket of nearly two dozen raw materials, surged to a 10-year high last week and is rapidly closing in on the record set in 2011.
New report says while copper bulls have been facing “a crisis of confidence”, fundamentals “have been quietly tightening” setting up return to record prices in the near future.
In the short term, emissions are on a rising trend, notwithstanding a temporary decline during the covid-19 pandemic, putting the world a long way off track to reach zero emissions by 2050.
Moscow has been trying to protect its defense and construction industries from further growth in raw materials costs as metals prices rise at a global level.