January 18, 2022, 10:30 PM PST:
Before we get into the meat of this article there is something going on in copper that may interest folks on the long side. All day today, as U.S. equities were getting whacked the world's third or fourth largest producer (it depends on the kind of month Glencore is having) the third or fourth largest producer, Freeport-McMoRan (FCX), was trading in the green while U.S. copper futures were only off a few pennies as the dollar showed impressive strength and the 10-year note showed impressive weakness, two occurrences that one might infer to be negative to the red one, but no. FCX is a pretty good leading/coincident indicator of sophisticated speculator sentiment in copper.
And now as I type the front futures are up 0.0305 at 4.4130.
Just to be clear, we are intermediate-term bearish on the metal, thinking we will trade under $4.00 before the real fun begins on the long side but in the immediate-term it appears long ain't wrong. Something's up.....
https://www.cmegroup.com/markets/metals/base/copper.quotes.html
