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As discussed previously, we are bullish about Copper (Cu) targeting new recent highs over the coming weeks/months. The Wire ETF has dragged the chain compared to ASX-traded Sandfire (SFR), with the overseas heavyweight Cu stocks not yet embracing the industrial metal’s recovery. We believe this will change in the coming months, initially pushing the ETF toward the $14.50-15 area.
NB This will likely be filled on the opening this morning following the weakness by Cu on Friday night.
Trade Idea: Buy the Global X Copper ETF around $13.25 with stops below $12.50.
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