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Copper futures hit a new all-time high
Copper jumps to all-time high 📈 📈
Copper Nears Record High As Shanghai Inventories Tumble, Fueling Scarcity Fears
Copper prices are hitting records as the world struggles with shortages. So why is Panama letting a mine responsible for 1.5% of global production sit idle? @JPSpinetto has thoughts (via @opinion)
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Copper advances for a sixth day toward a record as falling inventories and pre-holiday buying signals tightening supplies in China’s physical market
COPPER RISES 1% TO $14,661/TON ON THE LME, MOVING BACK TOWARD ITS RECORD HIGH OF $14,875 SET ON SEPT. 10, AS STOCK MARKETS RALLY AND SUPPLY TIGHTNESS EMERGES IN CHINA.
Copper held gains as traders weighed tightness in supply and signs of buying interest picking up in China
Copper/gold has made 5 cycle bottoms since 2013.
Bitcoin's median return over the next 12 months: +204%
Copper is trading around $14,470 per tonne today, which is ~$400 per tonne (~3%) below its all-time high....despite no news on tariffs and the first Fed rate hike in 3 years. Copper is on course for a weekly gain of ~3%. This is because physical buying has STRENGTHENED this past week.
The Yangshan premium, the amount paid above the London Metal Exchange (LME) price to import copper cathode into China, has increased to $124 per tonne today... the highest level since November 2022 (chart below 👇). And, the COMEX continues to trade at a premium to the LME (the 3-month is ~$140 per tonne & the 6-month is ~$400 per tonne).
This is not surprising...
Governments worldwide are investing heavily in grid infrastructure, rearmament and defence... while hyperscalers are racing to be the first with the largest data-centre capacity. There will continue to be significant buyers of physical copper, whether the Fed continues to hike or not.
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Copper Chopper: Now THIS is the nice tight 3 bar triangle configuartion that precedes a good trend day! Long liquidation flush created a vaccuum back up.
