Copper's Push for $4.70 by Month-End
Been watching copper pretty closely lately. It's had a hell of a run, but I'm looking at this current consolidation phase. There's a decent shot it makes a run for the $4.70 area by month-end. I'd put the probability around 60%.
The reasoning is pretty straightforward: demand-side narratives out of China, even if they're a bit mixed, are still generally supportive, and global inventory levels remain tight. More importantly, we're seeing continued chatter about green energy transition projects accelerating, which is always bullish for industrial metals. The dips are getting bought up pretty aggressively, which tells me there's still a lot of conviction in this uptrend. If we can get a clean break above $4.50 and hold it for a day or two, I think the path of least resistance is higher, targeting that $4.70 mark. Obviously, a significant slowdown in global manufacturing or a sudden build in stockpiles would change the picture fast, but for now, the winds seem to be at its back.