The iShares Copper and Metals Mining ETF has surged nearly 20% in August, on pace for its best month on record. Front-month copper futures for August delivery hit a record high of $6.7095 per pound in U.S. markets on Tuesday, before retreating on Wednesday. The benchmark three-month copper contract on the London Metal Exchange settled at $14,350 per metric ton, just shy of the record of $14,527.50 set earlier this year. Copper reached an all-time high without a booming global economy behind it, signaling to investors underlying tensions in the U.S. bond market.
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