Copper Surges to Record High as Debasement Trade Fuels Metal and Crypto Rally

The price of copper has hit its highest closing level ever on the Comex exchange at $6.71 per pound, up roughly 1.6% from the previous day.

This increase is attributed to a debasement trade, where investors are rotating into scarce assets in anticipation that US debt management will erode the value of the dollar.

The dollar index sits near three-month lows after its third losing week in four.

Other metals and cryptocurrencies are also rising, with gold trading around $4,666 an ounce and tracking its best month since 1999.

BTC has moved in lockstep with the metals, briefly topping $81,000 earlier on Tuesday before settling at around $78,900, up about 0.23% in 24 hours.