Copper Dec’22 ($US/lb)

Copper has basically gone nowhere for 3-months as it continues to rotate around levels reached last July. The industrial metal is swinging around under the pressure of bond yields as investors weigh up the risks that the Fed will plunge the US economy into a painful recession, dragging the world down in its wake. While we believe copper will be higher medium-term the moves over the coming weeks feel like a coin toss.

• We believe copper will trade in a $US300-$US400/lb range over the coming 6-months, which sounds like our view towards stocks!