Ever since its secular bull kicked off in 2003, the once-boring base-metals sector took on an aura of excitement. What trader wasn't excited when copper, zinc, nickel, lead, and aluminum put together respective gains of 475%, 523%, 650%, 829%, and 163% from their 2003 lows to their interim bull-market highs? A structural shift in base metals' core fundamentals sent prices skyrocketing, as supply simply wasn't able to keep up with fast-growing demand. The age of consumption extended well beyond the Western economies that normally drove commodities prices, and an Asian monster was aggressively feeding its voracious appetite for the metals. A new group of developing economies had finally joined the modern era, initiating colossal infrastructure buildouts. (more)
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