Copper Tops $8,000 as Goldman Points to Commodities Super-Cycle

(Bloomberg) -- Copper topped $8,000 a ton for the first time in more than seven years, with Goldman Sachs Group Inc (NYSE:GS). and BlackRock Inc (NYSE:BLK). pointing to the start of a new long-term bull market as supply lags an expected demand boom.

The market is witnessing the sharpest rally in more than a decade, with China’s appetite for commodities and supply snags early on in the Covid-19 pandemic lifting copper about 80% from its March lows.

Expectations for a deficit, the weaker dollar, and its role in green technology have also fueled gains. Some banks and investors are now drawing comparisons to the spike in the early 2000s, when a jump in Chinese orders ushered in the last super-cycle for commodities.