Comex Copper (US/lb)

As we touched on earlier copper has been reined in recently by increasing geopolitical uncertainty around Iran and a sharp correction in the “AI Trade”, with the relatively new correlation illustrated on the chart below. However, the last few weeks have seen copper shrug off both of these headwinds, suggesting when one, or both, are removed we should see the industrial metal hit our target of new all-time highs.

• We continue to target new highs for copper over the next 6-months which should support the influential copper miners.