The combination of a strong $US and China concerns sent copper prices down 4.5% last week, not a huge move in the scheme of recent volatility. MM has a similar view towards this industrial metal as we have towards the $US:
- MM is ultimately bullish copper looking for prices to rally over $US500/lb.
- Short-term things feel 50-50 and another dip below $US400 wouldn’t surprise.
MM remains bullish copper medium term
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