jeff curry, to quote london copper were chicago copper? jeff: london copper. tom: there ago.pper we get, copper is moving out. tell us about the other metals where if price goes up, supply doesn't come on, does it? jeff: takes anywhere from five to 10 years to bring on a new copper mine. it is the last of the old-school commodity you can dig out of the ground. that is we really have the man push, because we have the screen capex starting to begin -- that will be behind this energy transition story. we now have a blue plant -- print for transition, something we didn't have weeks ago. somewhere around this green capex will be somewhere over $16 trillion over the next decade. part -- put that on par with china in 2000, they spent $10 billion. -- $10 trillion. jon: we have to talk about what happened in the last 10 years. it started with the rio tinto, shifting away from volume to value. the lack of investment we've seen the last decade off the back of the last super cycle, how profound is that when you think about dynamics from here on out? jeff: all of the stories have the same

we talked about with jeff currie , starting to see that into the $70 range.hair powell two hours away, are you comfortable with what you see? tom: i noticed $62 on crude when i came in this morning, but commodities ebb and flow. that excitement is old and now come over i would suggest we underplay commodities in the media with their important impact on the global economy. jonathan: underpinning this has in this view that we get a weaker dollar. i wonder how that changes. we have been asking that repeatedly. huge short position being a short year, and if the federal reserve does not display that discomfort also, i wonder what that means for that trade in foreign exchange, and what it means for commodities, too. tom: lisa, i want you to fold in the ambiguity we see. the ambiguity of a commodity rally, is that good for us or is it not? lisa: it depends on who it hits, whether it comes in tandem with growth. what is driving it right now, other than a faster inoculation schedule? when does it feed into what we can buy, which we are seeing with food inflation price

that is the jeff currie call at goldman sachs. jeff currie has really been out front to say go long commodities. jonathan: and that trade has worked. many people think we get a rebound. look at manufacturing. you mention the ism. the ism north of 60. it is really strong on the manufacturing side. for all the talk of europe not doing well, look at the manufacturing side. this recovery we have witnessed over the last month or so, the engine of that might be china, surprise services, but many are doing all right. tom: in my conversation on friday with a gentleman, the number one korean restaurant guy in manhattan, let's show the other side of the economy. lisa: we can't go out and eat, and there are companies going out of business very quickly. the question is, what can we do to help them and the economy? tom: right now, megan ornament joins us now, the director of portfolio strategy. is your view february 1 the same as it was december 15? megan: as far as the entire calendar year, yes. we forecast a lot of volatility into the first

tom: jeff currie was just with us.e's getting a lot of claim for calling the commodity trend higher. you have been way out front on that. you have called for almost a theory of recovery commodities for months and quarters as well. are we deep into the cycle? for example, in copper, do you foresee that the easy money has been made, or can we go much further? michael: i always think the easiest money is the first money because it is much easier to have a double off 5000 then it is off 9000. but unlike 2011 or 2008, when copper was at these levels, you haven't had years and years of reduction and exploration leading to excess supply. i think we have the potential -- i wrote yesterday an article for a magazine -- that we are reaching this critical shortage of durable goods in the u.s. and elsewhere, which i think is going to require a significant step up of manufacturing globally. so i think there's going to be a period of a huge shortage of raw materials, and what prices do during that period has to be a depression. so my

shery: goldman sachs head of commodity research jeff currie.ke a look at the tycoons in the clean energy boom. where that money will be going in the coming years. this is bloomberg. ♪ haidi: moving to energy, bp's fourth-quarter earnings fell short of expectations. the pentair make continues to hit fuel sales and profit margins. bernard mooney told bloomberg he is seeing share price recovery and investors are supportive of the company's green energy transition. >> share prices are down across the entire sector because of covid. now that we have got vaccines, they are being rolled out, things are looking better and our share price is probably up 40% to 50% from the lows of last year. as regards to strategy, i think the shareholders are -- they are very supportive. if anything, over the holidays, i think there is sort of a growing strengthening around the belief in the strategy. >> when it comes to m&a, how are you ensuring that discipline? it is such a hot sector. how are you making sure that you only by the projects that will do it at the right

>> yep. >> fascinating times we can't have you on enough these days we appreciate it very much jeff curriek at palantir, they are rebounding. another sign perhaps of purchases, another 1.5 million shares for the next generation internet etf also you had price target moves. i'm looking at a goldman sachs report that says, yeah, it's a 30% grower so it should trade 44 times calendar year 2021 sale. that reminds me of reports i would see in the late '90s, one can imagine if you fly that multiple of facebook, which grows, 23% anyway, palantir shares are up after this the holidays weren't exactly smooth sledding this year, eh santa? no, but we came through smelling of mistletoe. the now platform lets us identify problems before they became problems. if only it could identify where my ball went. this you? hmm... no, mine had green lights. whatever your business is facing. let's workflow it. maybe i should workflow my swing... servicenow. your grooming business is booming. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candida

haidi: jeff currie, head of commodities research at goldman sachs. >> president joe biden's pick to be number two at treasury is indicating he and the administration maybe open to maintaining trump-era trade probes on china. he said china has emerged as a top competitor and handed that he may be open to using sanctions. he says beijing must be held accountable. iran has begun restricting access to its nuclear program as levels of uranium reach levels needed to produce enriched uranium. the iaea expected to discover traits of heavy iranian -- discover traces of heavy uranium . president joe biden has said he would be willing to resume talks with iran. australia and facebook are beginning a new era of social media partnership after the government agreed to amend its news content legislation and facebook said it would end its blackouts. the government said it would take out -- take into account commercial deals the social media app already struck with others. facebook says it will lift its australian content ban in the coming days. the l.a. county sheriff says there's no sign golf star ti

shery: that was jeff curry, head of goldman sachs commodities research.loomberg commodity index seeing a pullback, a 10th of 1% lower. it has been trading at multiyear highs. brent crude trading a little bit higher. we are seeing a little bit of slippage when it comes to wti in early asian trading after an industry report showing the first gain in five weeks. recently getting the cold blast. it does look like we are seeing animal is asian of the supply demand demand make. copper futures taking a hit. 4/10 of 1%. reporting and reacting to their earnings. still ahead, the outlook for hong kong. beijing reporting sweeping changes to the electoral system. ♪ haidi: we continue to see signs that china could potentially further tightened its grip on hong kong with officials warning of changes in the elect chart -- in the electoral system. we await the government's budget announcement later today. joining us to discuss this is a partner or the asia group and former u.s. counsel general to hong kong and macau. thank you for joining us today. it seems we continue t

annmarie: jeff curry speaking to bloomberg. we agree with him.out quoting the london price. joining us now is michael widmer. from your notes, you have a lot to say on copper and oil. you say copper is a proper growth market, hands-down. oil is not. it doesn't have to be bearish for oil. it's a very different dynamic. everybody is talking about the super cycle. where you can have a super cycle where metals are bullish but oil is less so? michael: i think you can get there. by the nature of what is driving that super cycle over the next year, [inaudible] these are all metals that you require to build renewables and ev's on the roads. structurally, you have very strong demand growth momentum. oil has done very well as well. what we are talking about is a decarbonization of the global economy. you are taking one set of commodities out to some extent over the next 5-10 years. it will be a long game. you have to put something else in. that has a diversions between the two sectors of commodities. manus: good to see you this morning. jeff goes on to tal

francine: jeff -- tom: jeff currie of goldman sachs nailing that call. yesterday there was a breakout of drama in washington, the impeachment process in the senate began. it is confusion is -- it is confusing, from house to senate, with house and senate members front and center in their prosecution of the former president. >> they want to call the trial over before any evidence is even introduced. their argument is that if you commit an impeachable offense, in your last few weeks in office, you do it with constitutional impunity. you get away with it. >> this is nothing less than the political weaponization of the impeachment process. pure, raw sport. fueled by the misguided idea of party over country, and i can promise you that if these proceedings go forward, everyone will look bad. tom: there is the drama yesterday, much of it predicted, some of it a genuine surprise. out of nowhere, a physician, growing up in illinois, the first republican since reconstruction in the senate, dr. cassidy of louisiana moves over the aisle and has a republican vote to a

the street, including jeff currie, is long. gamestop stock is up in the world hates it.onathan: for me, the hangover of last week, not a single name. it is not a single commodity. it is about market democratization. it is incredibly ironic that the platforms that actually fueled this movement of market democratization last week have been accused of undermining it. that will be the hangover this week as well. that is what the regulators will want to look at. that is what politicians will be asking downing d.c.. what happened asking down in d.c. -- asking down in d.c. what happened last week? why does wall street have the advantage over everyone else. i'm sure it was the same for you and lisa, the amount of messages i had from senior individuals on wall street who agreed that the caricature of what was happening on the retail side was totally misplaced. it wasn't as if we all hunkered down into one camp on wall street and one camp on retail. many agree there is work to be done. tom: we've also got to remember, it is a huge week. i know lisa is going to beat on that in a mo

the answer is paul sankey, jeff curry, and others are saying range bound and higher.athan: jp morgan is not moving down a move toward on hundred. the conversation around a commodity super cycle is really taken off again. but we saw last time was not disciplined on the energy side and mining side as well. what we've seen the last five years has been a lot of discipline. does the discipline stick? lisa: can i ray can? tom: -- break in? tom: i don't think we have a choice you're going to break in anyway. lisa: how much discipline can there be to maintain that when prices go up to $80 per barrel? jonathan: we will see. coming up next, johns hopkins associate professor of emergency medicine. we have two people on the show that just want to cut and all the time. s&p 500 down too. this is bloomberg. karina: with the first word news, i'm karina mitchell. the deep-freeze could key parts of texas in the dark for days. power supplies from texas and north dakota implemented rolling cuts for the second day in a row. the operator of the texas electric grid says a could be days befo

we had jeff currie on talking about 75 in q3. has been a lot of capitulation to a better outlook , better forward outlook in the last week. lisa: it comes on tightening supply, that saudi arabia and the opec nations agreed to bring down supplies. there is a question about shale in the united states and the intelligence of investing in infrastructure that may be obsolete in 10, 20 years. jonathan: the metals markets, the lack of investment for 10 years, we will talk about that. kevin cirilli is joining us. the battle is around the minimum wage. what are you hearing? kevin: marsha blackburn said they are ready for a political battle once the house of representatives likely advances the stimulus bill later today in the senate. there are a host of different republicans suggesting they are not ok with the $15 minimum wage increase over the next couple of years, whether it is senator tom cotton, mitt romney, who are suggesting there needs to be a gradual wage hike over the next couple of years, or hardliners like senator blackburn who

and in sports jeff curry and the warriors are back at home and taking on the orlando magic that jason has your highlights and a live report from the chase center coming up. my hygienist cleans with a round head, so does my oral-b. my hygienist personalizes my cleaning, so does my oral-b. my hygienist uses just the right pressure, and so does my oral-b. oral-b combines a dentist-inspired brush head with the gentle energy of micro-vibrations for the wow of a professional clean feel every day. my mouth says wow and so does my oral-b. >>for sports. before the game i said the warriors weren't good enough to overlook any team but even with that being said. >>tonight was absolutely a must win game for the dubs against an undermanned orlando magic team. already there he is steph curry playing what is possibly the best basketball of his career and that didn't stop tonight. it's crazy that i'm used to that like is i'm not surprised anymore does a casual 35 footer that put the warriors up 11 how about one more for good measure. dup's they were up by 11 after one 10 after what i'm sorry let's jum

. >> good to be here >> jeff currie, goldman sachs. >> thank you for having me. >> jon najarian has unusualivity trades and in honor of black history month we are honoring contributors and here is tiffany mcgee with her own personal story about taking risks. >> when i was about 5 years old my dad quit his corporate job to be an entrepreneur so the next day he went and sold hats and gloves on the street corner in the middle of a snowstorm. he grew his business into retail stores he taught me how to take risks and now with the launch of my new firm pivotal advisers, i'm the first african-american woman, the first afro-latina to have a venture comnypa ys weren't exactly smooth sledding this year, eh santa? no, but we came through smelling of mistletoe. the now platform lets us identify problems before they became problems. if only it could identify where my ball went. this you? hmm... no, mine had green lights. whatever your business is facing. let's workflow it. maybe i should workflow my swing... servicenow. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of

jeff curry was referring to the commodities spent in china. long period of underinvestment. now we have covid coming on. of course, the democrat win in the u.s. means there will be a lot more money directed on climate change and infrastructure spending. very loose policy, likely to stay loose for some time. no one has to tighten too soon given the risk of further relapse with covid. commodity wants to look very attractive for us. we think they have very good inflation hedge properties. we think there will be a return of investor demand. we have got very lonely over the last two years -- last 10 years. if you speak to most at the moment, they do not have commodities. they do not know how to invest in commodities. in 5-10 years time they will all be clamoring to get that class. anna: tell me where you have exposure or where you want to see more exposure. this is the sector start of capital, lots of people want to make sure they are putting it to work in a green cap x cents. not all will qualify. how do you make sure you get it right? trevor: a c

it's fascinating goldman has a greatnote out this morning from jeff curry talking about why it's basically near impossible for reddit traders to corner, say, the silver market the way they did back on silver thursday. we'll get to that a little bit later. i want to get to you, jim. uber is buying drizzly for 1.1 billion in stock and cash. the leading on demand alcohol in the u.s. will be integrated with uber foods jim, we know what's happened to at home spirits consumption in the past year, and i guess this is a comment that that's not going to change any time soon. >> this is so needed, obviously. i own two restaurants. one is a bar we are -- the word is moth ball. why is this important? our money is made on alcohol it's not made on food. the way to be able to make money at a store or restaurant in new york city or other places, you've got to get people in to buy the taco, and then have them drink. obviously we're restricted to only having 25% capacity if you have drizzly, you'll be able to have a better way to send liquor with the package are there state and local rules? there are issues

curry favor with the democrats in power. >> bill: at least desantis is trying to do something about it. >> dana: in terms of the idea i want to get your thoughts about jeff bezos stepping down as the ceo of amazon. is this huge news? i wasn't shocked. >> not shocked. he is stepping down from the ceo job on top. he is worth the bigger -- again, he is going out at a time when there will be greater scrutiny on amazon because of its power, because of its size as a monopoly in terms of antitrust and regulation. the man who was running the amazon web services and it pulled the plug on parler. amazon has a history of steam rolling rivals. small companies that sell their products on amazon's platform basically my word, stealing the idea, recreating the product and selling it as a private label product. they cloned a line of camera tripods at one point. this is just one of many examples. a small company that sold on amazon site nearly put the company out of business. so there is going to be a lot of heat on andy jaffe. maybe that's one of the reasons. >> dana: he says he wants to spend more time with his girlfriend and >> bill: his newspapers. what do you do with