Early last week we saw copper surge by the most in more than 16 years as metals extended a dramatic start to the year fuelled by a wave of intense speculative trading in China. Chinese investors piled into metals as they rode a powerful wave of momentum that lifted everything from tin to silver to record highs until of course the last 48-hours dramatic unwind. From a prudent risk/reward perspective we want to watch the tape over the coming days as we contemplate where and how we want to increase our copper exposure.
- We can see copper consolidating over the coming weeks/months in similar fashion to gold.
MM remains bullish towards copper around $US13,000/MT
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