Copper futures had settled around $2.10 a pound in March of this
year as the pandemic took hold, the lowest since October 2016.
For copper, the rally is "all about infrastructure, solar and Chinese
demand," John Caruso, senior asset manager at RJO Futures, told
MarketWatch. Copper plays a large part in solar-based electrical power
production and President-elect Joe Biden has plans to boost U.S.
infrastructure (https://joebiden.com/clean-energy/#) that would lead to higher demand for the industrial metal.
Copper prices are likely to go much higher into the first half of
2021, said Caruso. However, prices may have climbed too far and too
fast. He expects to see a price correction over the next two weeks back
down to $3.30.