Copper (Cu) fell 3% overnight, even while shortages loom, with declining confidence in the Chinese economy and the softer take-up of EVs weighing on the industrial metal and related stocks. With Cu breaking to fresh 3-month lows, we are reticent to add to our exposure as the market reminds us of the cyclical nature of commodity markets.
- We like copper and its related names, but it’s a “crowded view,” so we could see undershooting on the downside.
MM is cautiously bullish on the COPX ETF
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