Copper miners are rolling over on daily charts
The Copper miners appear unconvinced that cyclical inflation is the imminent play. In NFTRH we have discussed both the poor seasonal average for copper at this time of year and no longer beneficial LME warehouse levels. As it stands today the miners appear to be getting those memos.
So let’s see if the pogo stick market has another bull bounce for the cyclical and reflation stuff on Monday. But as it stands now, this stuff is rolling toward bearish (majority consensus on inflation, reflation and the economy be damned).
The name of the game in these markets is to look ahead and make adjustments if/as needed, not to ride dogmatic themes like ‘copper is bullish, period!’ that you’ve set in stone.
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