Dr. Copper Is Breaking Out—But This Isn’t Mainly A Growth Signal

Copper enters uncharted territory

Copper is trading into uncharted territory. Record prices, record US inventories and depleted ex-US stocks have created a classic squeeze, with tariff distortions and short-covering, not industrial demand, doing much of the near term lifting. Still, it fits Privorotsky’s broader view: in a spending-heavy, late-cycle economy, commodities can keep working until energy or rates finally break demand. The real question is what stops the spending, not simply whether the Fed hikes.