Copper (Cu) has been experiencing a choppy time lately, but its net direction is up. The industrial metal advanced ~2.3% overnight, making fresh 2025 highs in the process. The push higher comes without obvious news, but the advance in Chinese equities suggests the world’s 2nd largest economy fortunes are improving even if the data remains mixed. Cu is well positioned to ad to recent gains, which aligns with our view that the local miners can enjoy a better year after struggling in 2024.
- We see copper testing/breaking its 2024 highs in the coming weeks/months.
MM is bullish on copper medium-term
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