People expect the price of copper to rise significantly in the future.

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For people who needs explanation here contango is a situation in the futures market where the future price of a commodity is higher than the spot price, which is the current market price. Essentially, it's when traders expect a commodity to be more expensive in the future than it…

— WealthSpring – Jørgen (@WealthSpringTLD) March 31, 2024

See also Can't have a housing price collapse if the government just retroactively manipulates the data

See also Expect the D.C. Administrative State to Defend Itself by Any Means Necessary