{"id":181753,"date":"2021-02-18T18:09:00","date_gmt":"2021-02-18T15:09:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/"},"modified":"2021-02-18T18:09:00","modified_gmt":"2021-02-18T15:09:00","slug":"why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/","title":{"rendered":"#\n  Why surging oil and copper prices are \u2018completely detached from reality\u2019, Commerzbank says"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a408d1e42b01\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a408d1e42b01\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/#Critical_information_for_the_trading_day\" >Critical information for the trading day<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/#The_tweet\" >The tweet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/#The_markets\" >The markets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/#The_buzz\" >The buzz<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/#Random_reads\" >Random reads<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/why-surging-oil-and-copper-prices-are-completely-detached-from-reality-commerzbank-says\/#Callum_Keown\" >Callum Keown<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Why surging oil and copper prices are \u2018completely detached from reality\u2019, Commerzbank says<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Critical_information_for_the_trading_day\"><\/span>\n  Critical information for the trading day<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000170078\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Stop<br \/>\n        GME,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203755179\/composite\" class=\"positive\">+2.44%<\/bg-quote><br \/>\n       frenzy may have cooled down but attention will turn to the fallout later on Thursday as lawmakers are set to grill the key players.\u00a0<\/p>\n<p> A number of the principal actors are set to face the House Financial Services Committee at noon following the backlash against online trading platform Robinhood and other brokers\u2019 decisions to temporarily restrict trading in some so-called meme stocks, like that videogames retailer, last month.<\/p>\n<div class=\"paywall\">\n       The bond market selloff, and rising Treasury yields, also remain in focus, confirming optimism over the COVID-19 recovery but also sparking concerns that inflation could rise. The yield on the benchmark 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">1.315%<\/bg-quote><br \/>\n       has jumped 38 basis points this year. U.S. stocks fell at the open after weekly jobless claims came in at 861,000, the highest in a month.<\/p>\n<p>Oil prices<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       continued higher, after U.S. prices<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.05%<\/bg-quote><br \/>\n       settled above $60 on Wednesday as freezing conditions kept refineries in Texas closed and production disrupted.<\/p>\n<p>In our <strong>call of the day<\/strong>, Commerzbank analysts said commodities were \u201ccompletely detached from reality,\u201d noting that oil prices in particular were being unmoved by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> that would typically move them lower.\u00a0The recent upswing in metals prices was also starting to look \u201cexcessive,\u201d they added.<\/p>\n<p>\u201cNothing seems capable of halting the surge in oil prices at present,\u201d said energy analyst Carsten Fritsch, noting that Brent has made gain in 14 of the last 15 trading days, climbing by roughly $10 in three weeks. A number of developments are being ignored, he said, including reports that higher prices have prompted the Organization of the Petroleum Exporting Countries to consider gradually ramping up oil supply from April, and the likelihood that Saudi Arabia won\u2019t extend its voluntary production cuts beyond the end of March. <\/p>\n<p>\u201cThis selective perception is characteristic of markets in phases of excess,\u201d Fritsch added. \u201cNormally oil prices should have responded to such news by falling significantly because this will probably see up to 1.5 million additional barrels of crude oil reach the market per day in April,\u201d he said.<\/p>\n<p>This detachment from reality is also present when it comes to copper<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"positive\">+1.99%<\/bg-quote><span>,<\/span><br \/>\n       which reached its highest level since April 2012 on Thursday, as well nickel and aluminum which have also hit multiyear highs, the Commerzbank analysts said \u2014 largely on hopes of a significant global economic recovery. The analysts noted that Chinese traders have returned to the markets following a week-long holiday, driving prices higher.<\/p>\n<p>However, precious and industrial metals analyst Daniel Briesemann said there were no new data underpinning the \u201cpronounced rise\u201d in metals prices in recent weeks. \u201cIn our opinion, metals prices are currently being driven to a large extent by speculation, and the upswing is beginning to look excessive. From a technical perspective, copper and aluminum are overbought again at present, as measured against the relative strength index,\u201d he said in a note.<\/p>\n<p>Gold<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.01%<\/bg-quote><span>,<\/span><br \/>\n       which fell below the key $1,800 an ounce level earlier this week amid rising bond yields and dollar strength, is also detached from reality but in the opposite way, Fritsch said.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<h4><span class=\"ez-toc-section\" id=\"The_tweet\"><\/span>The tweet<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Is DoubleLine Capital\u2019s billionaire \u201cBond King\u201d Jeffrey Gundlach about to turn into a bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"negative\">-0.68%<\/bg-quote><br \/>\n       fan? <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetTweet\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetTweet\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n            iframe.twitter-tweet {\n                width: 100% !important;\n            }\n        <\/style>\n<blockquote class=\"twitter-tweet\" lang=\"en\"><p>\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TruthGundlach\/status\/1362257187771277315?s=20\"><\/a>\n            <\/p><\/blockquote>\n<p>        <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/div>\n<\/p><\/div>\n<h4><span class=\"ez-toc-section\" id=\"The_markets\"><\/span>The markets<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p> U.S. stocks slipped at the open, with the Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.70%<\/bg-quote><br \/>\n       falling 0.9%, or 280 points. The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.82%<\/bg-quote><br \/>\n       and the Nasdaq<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"negative\">-1.25%<\/bg-quote><br \/>\n       were also lower. European stocks also fell as investors digested mixed corporate earnings. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> stocks led Asian markets lower overnight.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_buzz\"><\/span>The buzz<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Tilray<br \/>\n        TLRY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209129655\/composite\" class=\"positive\">+4.03%<\/bg-quote><br \/>\n       narrowed losses and boosted revenue in the final three months of 2020, as it prepared to merge with fellow Canadian marijuana company Aphria<br \/>\n        APHA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207425803\/composite\" class=\"positive\">+2.77%<\/bg-quote><span>.<\/span><br \/>\n       Shares in Tilray jumped more than 8% in premarket trading.<\/p>\n<p>Walmart<br \/>\n        WMT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207374728\/composite\" class=\"negative\">-5.79%<\/bg-quote><br \/>\n       announced a new $20 billion stock buyback plan as the retailer\u2019s earnings missed forecasts.<\/p>\n<p>Google<br \/>\n        GOOG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205453964\/composite\" class=\"negative\">-0.94%<\/bg-quote><br \/>\n       has struck deals in Australia to pay for journalism, while <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a><br \/>\n        FB,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205064656\/composite\" class=\"negative\">-1.99%<\/bg-quote><br \/>\n       has vowed to restrict news sharing as Australian lawmakers consider forcing digital giants into payment agreements.<\/p>\n<p>Mining stocks made gains on Thursday as copper futures rallied, hitting the highest level since April 2012. Rio Tinto<br \/>\n        RIO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208934945\/delayed\" class=\"positive\">+0.66%<\/bg-quote><span>,<\/span><br \/>\n       Antofagasta<br \/>\n        ANTO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200173667\/delayed\" class=\"negative\">-0.26%<\/bg-quote><span>,<\/span><br \/>\n       and BHP<br \/>\n        BHP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203323256\/delayed\" class=\"positive\">+0.22%<\/bg-quote><br \/>\n       were among the biggest risers.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le<br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"negative\">-1.57%<\/bg-quote><br \/>\n       stock slipped to a one-month low on Wednesday, after the tech giant\u2019s two largest shareholders said they had trimmed their stakes.<\/p>\n<p>Airbus<br \/>\n        AIR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208224336\/delayed\" class=\"negative\">-2.64%<\/bg-quote><br \/>\n       stock slumped more than 3%, as the plane maker\u2019s 2021 guidance disappointed investors. The company said it doesn\u2019t expect to deliver more aircraft in 2021 than the 566 it delivered in 2020.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Random_reads\"><\/span>Random reads<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>I was invited for a Covid vaccine because the NHS thought <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.liverpoolecho.co.uk\/news\/liverpool-news\/invited-covid-vaccine-because-nhs-19857990\" class=\"icon none\">I was 6cm tall<\/a><\/p>\n<p>Man finds washed-up sea mine and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.thesun.co.uk\/news\/14083326\/man-washed-up-sea-mine-footstool\/?utm_medium=Social&amp;utm_campaign=sunmaintwitter&amp;utm_source=Twitter#Echobox=1613638236\" class=\"icon none\">takes it home<\/a> to use as footstool<\/p>\n<p><strong>Need to Know starts early and is updated until the opening bell, but\u00a0<\/strong><strong>sign up here<\/strong><strong>\u00a0to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.<\/strong><\/p>\n<p><strong>Want more for the day ahead?\u00a0<\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.barrons.com\/newsletters?sub=462\" class=\"icon none\"><strong>Sign up for The Barron\u2019s Daily<\/strong><\/a><strong>, a morning briefing for investors, including exclusive commentary from Barron\u2019s and MarketWatch writers.<\/strong><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Callum Keown\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Callum_Keown\"><\/span>Callum Keown<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D2985E7FE433%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why surging oil and copper prices are \u2018completely detached from reality\u2019, Commerzbank says &#8221; Critical information for the trading day The GameStop GME, +2.44% frenzy may have cooled down but attention will turn to the fallout later on Thursday as lawmakers are set to grill the key players.\u00a0 A number of the principal actors&#8230;<\/p>\n","protected":false},"author":1,"featured_media":181754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-181753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=181753"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/181754"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=181753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=181753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=181753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}