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Zero new copper deposits were found last year, putting upward pressure on prices. In fact, it takes almost 18 years for a new copper deposit to reach the production point.

Seven months into the Iran war, crude has once again touched above $105 a barrel, just weeks after trading as low as $68. Refined-product markets have tightened systemically, forcing commodity desks to abandon the models they relied on when hostilities began.

Copper has surged to an all-time high near $6.85 a pound, making the copper inside old U.S. pennies worth several times face value.The metal broke above a seven

Copper spent two years as the least interesting story in the commodity complex. Gold took the headlines.

COPX: Mind The Fed, But I Might Buy The Next Dip