Missed out on the Gold rally? Here's another commodity on the verge of a major boom [Video]

There is no denying that Gold is the talk of the industry right now, with the precious metal continuing to break new all-time record highs, on a consecutive weekly basis. However, according to analysts at GSC Commodity Intelligence there's another hot Commodity to watch – hailed as the “hidden gem”. 

As the demand for Commodities continues to soar in 2024, this under-the-radar metal has captured the attention of Wall Street’s most powerful institutions as the next major Commodity that could be destining for explosive upside this year. 

And that’s Copper. 

Copper's second secular “bull market this century” is off to a red-hot start in 2024 with prices skyrocketing above $9,700 per metric ton to hit their highest level in two years. 

The boom in Copper prices is being fuelled by a magnitude of bullish macro tailwinds including a global supply crunch due to mine closures and red-hot demand for the metal to power energy transition and artificial intelligence technologies. 

Copper, one of the best electrical-conducting metals, is already used worldwide in motors, batteries and wiring – nicknamed "Dr. Copper" because demand for it is widely seen as a barometer for global economic health. 

Data centers to power AI servers will likely require an additional 1 million metric tons of Copper over the next three years. Additionally, new demand is also expected to come from electric vehicles, which are built with four times more Copper than vehicles with internal combustion engines.  

As demand surges and the world needs more Copper and lots of it fast – there’s one big problem!  

Global supply is shrinking at a record pace off the back of a "triple deficit" – low inventories, low spare capacity and low investment.

All of this means one thing – the Copper market is only going to get tighter and that will inevitability push prices a lot higher from current levels. 

According to Goldman Sachs, Copper prices are currently only at “the foothills of what will be its Everest” – forecasting prices will average an astonishing $15,000 per metric ton next year. 

Copper isn’t the only Commodity to rocket on low inventory this year. Its upside has been replicated by other key “Green Energy Metals” including Cobalt, Lithium, Nickel, Iron Ore, Zinc, Uranium and Aluminium, which just made headlines by posting its biggest intraday gain since 1987.

Whichever way you look at it, one thing is clear. The macroeconomic backdrop for Commodities in 2024 is looking more bullish than ever before – and it certainly won't take much for prices to breach new record highs in the coming weeks and months ahead. 

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: