Is the consolidation over?
Look at the title of this new report from Goldman Sachs. That’s the kind of thing to get anyone’s attention:
“Without a surge in the use of copper and other key metals, the substitution of renewables for oil will not happen,” they write.
Copper is certainly surging today, up 2% to the best levels since March 3.
Now it has taken a second run and broken the mid-March high.
Combined with the moves in other commodities, commodity currencies and equities, this time it looks like it’s for real.