Copper is higher today while stock, bond and most commodity prices are sharply lower. A quick look at what is going on. Last week copper rallied 2.2%, it had been a leader in the risk on movement for commodities and is a key for the bigger picture here. The Bloomberg commodity index fell 2.0% and is down 5.6% YTD last week.
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- Copper futures broke back above $4.1 per pound, Chinese copper cathode prices jumped disregarding growing supply news this week inside of China.
- Bloomberg reports put Chinese traffic levels back at the highest since the Fall of 2021. The Bloomberg traffic measures are a measurement of the top 15 Chinese cities from a vehicle registration perspective and those readings have returned to the highest level since June 2021.
- A Chinese central bank liquidity injection was reportedly carried out to meet rising new loan demand.
- Demand favors the bull camp and supply factors favor the bear camp.
Trust you all had a great day, sleep well and get your trading plan sorted.
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