After copper prices skyrocketed to record-high levels this month before slipping slightly, popular American investor Michael Burry is now betting on the red metal and building positions, sparking hopes for a further rally.
Burry, who rose to fame after correctly predicting the 2008 housing financial crisis, disclosed his fresh positions in copper contracts while highlighting that he is ignoring the “woo-hoos” of the AI party. “The house party is packed, pushing AI higher today, but I am largely ignoring the ‘woo-hoos’. I am out in the backyard with my flashlight, seeking,” he wrote. “I think of copper, and how it gets prettier as it ages.”
