Copper (Cu) surged ~4% during our trading session following tariff commentary from you know where and power outages in Chile! SFR surrendered most of its early advance to limp to a +0.6% higher close; it felt like investors were happy to take profit as the producer moved towards $11, &/or they didn’t believe the industrial metal would hold onto its Trump-inspired gains. We continue to target new recent highs by SFR and Cu, but it’s a move we would consider fading. Overnight, the Cu price did surrender much of its tariff-inspired advance to close up 1.1%. Similarly, copper ETFs eked out a small +0.7% gain – SFR traders called it correct!
- We have been targeting new highs for Cu in the coming months(s), and we’re not far from that—MM is long SFR in its Active Growth Portfolio.
MM is cautiously bullish and long SFR
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