Lead indicator - copper21 May 2024 16:52
"Whereas the gold price is often driven by fear, copper’s rise reflects a more optimistic industrial outlook around the world, particularly in China. Copper is in such demand because with the energy transition moving towards electrification, more will be needed in everything that moves, from cars to heating. Like lithium and cobalt for batteries, copper is the new darling of the commodity markets." (Source MSN article).
The key bit being: 'more optimistic industrial outlook around the world, particularly in China'.
Here's hoping V get's dragged up with the rest of the commodities space!