Commodities are a favorite play during periods of high inflation, but the market—particularly for metals like copper and steel—is undergoing some unusual contortions.
Buyers should be aware that they areEven given that commodities are notoriously volatile and speculative, the recent sharp divergence among industrial metals—whose prices typically move more or less together—has been striking. Steel is up sharply. The iron ore used to make it is down. Copper, after marching higher throughout late 2020, has been
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Prices for steel mill products were up more than twofold in July from a year earlier. Gypsum products, which are needed for drywall, partitions, ceiling tiles and the like, were up 22%.
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