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The most important industrial metal in the world knocking on record high price/Import prices and housing data

The most important industrial metal in the world knocking on record high price/Import prices and housing data

Peter Boockvar
Mar 18, 2025
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Before I get to housing starts, I need to mention the price of copper that is touching $5 per pound today. That might not mean much to many but we are just about hitting a record high dating back to the 1960's. I'd argue that copper is the most important industrial metal in the world in terms of its broad uses. I reiterate our bullish and long stance on commodities/stocks.

With gold breaking through $3,000 too, can Jay Powell & Co really have any confidence to do anything right now? They are of course not tomorrow but as we will also see the dot plot, can anyone really predict the coming months/quarters with any confidence whatsoever and different from the last time they tried to crystal ball the future? Little chance.

Also of note for the Fed to digest was the rise in February import prices with the US dollar now falling. They rose .4% m/o/m vs the forecast of no change. They are now up 2% y/o/y vs 1.8% in the month before. Prices ex food and energy also were up .4% m/o/m and now by 1.4% y/o/y. Price gains in 'industrial supplies' drove the increase so I assume this again was the front loading of shipping product ahead of tariffs but with commodity prices now rising too, something to watch from here post tariffs.

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