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Record-setting prices for commodities are occurring on a near daily basis, with copper leading the way as it hit $10,000 US per tonne today. But investors looking to enter the copper market should be wary, says Mickey Fulp, geologist and author of commodities newsletter Mercenarygeologist.com.
While Fulp believes the copper market is facing tight supplies, that’s not enough to justify the commodity’s soaring price.
“We do have a tight market, but the record prices are a bit of a puzzle to me,” he told BNN. “It looks overbought, frothy and risky at this point.”
Fulp may be bearish on copper in the short run, but he says in the long run he’s bullish, as new supplies remain scarce.