Copper prices may jump 22 percent to $5 a pound within 24 months as supply dwindles amid rising demand, according to U.S. Global Investors Inc., which manages $3 billion in San Antonio.
Hedge funds reduced their bullish bets on copper futures by the most in five months on concern that China, the world’s largest buyer, may take more steps to restrain its economy.
Hedge funds cut bullish commodity bets by the most in seven weeks on mounting concern that Europe’s debt crisis will restrain global economic growth and demand for raw materials.
Commodities gained for a fourth day, led by oil and precious metals, as military intervention in Libya renewed concerns that Middle East unrest may spread and disrupt fuel supplies.
"Grains have been hit so hard, now's the time to be looking at them. There's not much priced in in terms of potential shortfalls in next year's crop."
- Brian Hicks on Dec 01, 2014