Conversely copper has bounced recently but it remains ~5% below its 2021 high however the leading stocks in the space are making fresh highs for the year illustrating a very different belief to that with iron ore. Our best case with this influential base metal is we see a ~8% push higher to fresh 2021 highs before a period of consolidation – the common theme in today’s report being that a number of markets are due to follow bond yields and start consolidating / correcting their recent gains.
MM is bullish copper short-term
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