In a note Tuesday, Bank of America commodity strategist Michael Widmer highlighted inventories measured in tons are now at levels seen 15 years ago. Given the fundamental environment and the depleted inventories, Widmer said copper may spike to $13,000/t in the coming years after recently notching $10,000 for the first time in a decade. David Neuhauser, founder and managing director of U.S. hedge fund Livermore Partners, told CNBC that copper is “the new oil.”