Copper Price Plummets Amid Concerns Over Second Storm

The price of copper has plummeted after hitting an all-time high, causing concern among investors. According to Moomoo, the Global X Copper Miners ETF (COPX) saw a 50.25% decline in just 15 minutes. The current price is $0.72, down from its previous close of $1.45.

Experts point out that this drop may be related to a strong El Nino forecast for the next five months. However, there are concerns about another factor at play - a second storm that isn't included in the seasonal outlook.

Michael Burry, known for his investing acumen, has taken a contrarian view on AI stocks and is instead betting on copper miners. He sees the metal as critical to data centers, which are driving up demand.