MM usually follows LME Copper for longer term trends but the Comex futures contract can paint a clearer intra-day picture, especially during periods of elevated volatility. Last night, copper reversed sharply from its lows, and it’s starting to look/feel like the industrial metal is at least looking for a low.
- We believe the capitulation-driven selling in copper and related equities is nearing exhaustion.
MM is bullish towards Comex Copper ~$US550
