Copper in a post-COVID-19 world. Have we seen this before?

Continued optimism regarding the production and potential distribution of a COVID-19 vaccine has given renewed life to global markets which had given up nearly 30% of value at the onset of the COVID-19 pandemic. United States equity markets have since established new all-time highs while the US unemployment rate has declined to 6.7% in December of 2020 after peaking at 14.7% in April.

Similarly, COMEX Copper futures trended lower and then rebounded sharply. After cratering from approximately $2.8750 per pound to a low price slightly below $2 per pound in March of 2020, the price of copper has since reversed course and has rallied over 80% to establish a new high above $3.60 per pound, a level not seen since February 2013.