The sliding U.S. dollar is good news for commodities, said Steven Glass, managing director of Pella Funds Management. He's particularly bullish on copper — he cited the "major copper deficit" the world is heading into, and expects demand will double over the next 10 years. In 2022, the U.S. strengthened steadily, spiking nearly 8% for the year. But it has given up much of its gains since last November, sliding 7%.
But a softer greenback isn't the only supportive factor. "There just has not been enough investment in copper," Glass told CNBC's "Street Signs Asia" on Tuesday. "EVs use something like three times the amount of copper [compared to conventional vehicles]. So it's just going to just create a huge underlying demand for copper." Citing data from Goldman Sachs, Glass said there could be a copper deficit of 8 million metric tons within a decade.
A weaker dollar is not good news! Stop trying to spin it!
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