MM still believes that commodities look great through 2023/24 however as the $US starts to base around the 101 area following its 11.6% pullback over the last 4 months we can see some consolidation and potential short-term weakness in certain areas. Copper did just this last week even as China continued to re-open its economy suggesting much of this positive news courtesy of Xi Jinping et all is already built into the industrial metal after its +10.8% rally this month.
- We are bullish on copper medium/long term but a pullback feels likely through the remainder of Q1.
MM is now neutral towards copper over the coming weeks
Add To Hit List
