TMAD Commodities: Copper Hit Record Highs

$COPX $USO $GLD $SLV $URA

Hello Traders,

The blockade in the Strait of Hormuz is causing a massive copper shortage, pushing prices to all-time highs. Even though Iran is still holding out on a deal, investors are surprisingly piling into gold and silver at the same time.

This is happening because companies are reporting huge earnings, mostly driven by the massive demand for AI data centers. It’s a rare moment where everything, from industrial metals to precious metals, is moving up together because the world needs these materials to keep the AI revolution going.

POSITIONING UPDATE

Over the last few weeks, we’ve seen a huge wave of money move into copper miners (COPX) as traders bet on a big comeback. They clearly saw the reversal coming, and now that copper prices are hitting record highs due to supply shortages and the massive build-out of AI data centers.