The narrative around copper is very compelling.
1) $5T of Government spending in the next 10 years for renewable energy development
2) Electric cars
3) Miners underinvestment in recent years
What this says to me is the simple fundamentals from miners...limited supply would be enough to extend this commodity bull cycle.
Beyond that...we have car manufacturers making bold moves to have a majority of their fleets electric within the next 10 years.
European and California carbon credits markets are becoming more developed...producing incentives for companies to move towards greener technologies. Whether you agree with the politics of it or not...it is happening.
And massive government spending on renewable energy.
What does all this green stuff have to do with copper?
All these need copper...and lots of it!
With just experiences a 50% retracement from the May 21st high of 4.5815 and made a double top with divergent RSI this morning.
Zooming in we can see some impulsive buying around the $4.5 area.
The long term trend in copper looks very promising.
Could it go lower? Of course...but today's price action has me watching very closely.
1) $5T of Government spending in the next 10 years for renewable energy development
2) Electric cars
3) Miners underinvestment in recent years
What this says to me is the simple fundamentals from miners...limited supply would be enough to extend this commodity bull cycle.
Beyond that...we have car manufacturers making bold moves to have a majority of their fleets electric within the next 10 years.
European and California carbon credits markets are becoming more developed...producing incentives for companies to move towards greener technologies. Whether you agree with the politics of it or not...it is happening.
And massive government spending on renewable energy.
What does all this green stuff have to do with copper?
All these need copper...and lots of it!
With just experiences a 50% retracement from the May 21st high of 4.5815 and made a double top with divergent RSI this morning.
Zooming in we can see some impulsive buying around the $4.5 area.
The long term trend in copper looks very promising.
Could it go lower? Of course...but today's price action has me watching very closely.