Dr Copper is flirting with $US350 support as macroeconomic factors weigh on investors’ concerns around global growth through 2024. We are bullish on the supply-demand outlook for the industrial metal, but it’s not going to rally if a recession looks likely. Hence, at this stage of the cycle, we are adopting a patient attitude towards increasing our position with our optimum buy area of ~$5.30, still another 8% lower.
- We maintain our bullish outlook towards copper in the medium term, but into Christmas, it’s more of a coin toss.
MM remains long and bullish SFR medium-term
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