Is Copper The New Gold?

Copper prices have lately seen a surge like never before, having risen around 45 per cent in only a few months. After falling due to the lockdown, the price of copper has now bounced back to pre-COVID levels, and surpassed it. It is now expected to keep surging as factories open up and manufacturing picks up the pace. This surge in copper prices is interesting because usually, copper and gold prices move in opposite directions. When there is an economic slowdown, price of gold shoots up, as is happening recently, because investors look for a stable investment instrument. Copper prices at these times, however, fall as manufacturing and construction face hurdles. That is the reason it is surprising that both copper and gold prices have been rising in tandem in the last few months. Copper prices crashed early this year with the scale of the COVID crisis becoming clear, falling to its...