Related: Copper ETNs Can Shine Some More
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.
“Others attribute copper’s outstanding performance to the electric cars ongoing boom. The metal is a key component of the lithium-ion batteries used in the electric vehicles, as well as power inverters and in the charging infrastructure needed to keep them running,” according to Mining.com. “Currently, electric cars add up to roughly 1 million, out of a global fleet of closer to 1.1 billion, world’s No.1 mining company BHP estimates. That figure, it believes, could rise to 140 million electric vehicles, or 8% of the global fleet, by 2035.”
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