In a nutshell...straight up...straight down.
Is this time any different?
Historical "mean" value is around 2.50, as shown on the following monthly chart, while it's had difficulty remaining above 3.00 and, especially, above 3.50 for any length of time.
What has actually, fundamentally, changed today since March of 2020 that suggests the current sky-high price is warranted and that it will remain so in the long term...versus pure speculation for some kind of uncertain future demand?
While the writing of new political policies may be quick and a knee-jerk reaction to some people's fanciful wishlist and perception of reality, passing them into law and quickly implementing them without cannibalizing and destroying one's economy in the process is another reality.
Dr. Copper is likely caught up in such a feverish drama and headed for a nosedive sometime soon. The question is, will it drop below 3.50, or even 3.00?