Hot metals are exposing the fossil fuel fantasy
The year’s fossil fuel output boom is now piling up in inventories, sending prices slumping
THE past year began with a promise from US President Donald Trump to deliver a future of “peace through strength” by unleashing America’s fossil fuel supplies. Judging by the direction of commodity prices, the opposite is happening.
The hottest metals as the year ends are the ones most indelibly associated with the mass electrification.
Silver pushed north of US$80 a troy ounce for the first time in history on Monday (Dec 29), capping a rise of 18 per cent over the past week. Copper also hit a record, with a 6.3 per cent gain taking it as high as US$5.92 a pound.
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