Surprisingly no major change, “Dr Copper” is often regarded as a leading indicator of future economic strength and the last 6-months of sideways consolidation continue even in the face of Omicron selling onslaught. The manner in which the base metal ignored the uncertain tone from bond yields and the headwind of a rising $US implied a healthy market and we feel Fridays resilience reinforces this, MM still expects a test of the psychological $US500/lb over the coming weeks / months i.e. over 15% higher.
MM remains bullish copper into 2022
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