Related: Copper ETNs Are Racing Higher Again
Industrial metals like copper, nickel, iron and steel have all rebounded in recent months as traders bet on improving global economic conditions would bolster demand for the base metals after prices hit multi-year lows. COPX, which tracks the Solactive Global Copper Miners Index, is up nearly 32% year-to-date.
In recent years, copper producers have been paring production, which could create tighter supply as demand rebounds. That would further boost prices.
Dudas’s “latest prediction takes into account that there could be a minor pullback in the coming months. But Dudas said any near-term softness in copper prices is a buying opportunity,” according to CNBC.
For more information on Copper ETFs, visit our Copper category.