$COPX
Added 2024-04-15 09:31:42 +0000 UTC$COPX I highlighted this chart last week to alert our members that something strange was happening here and its parabolic move was mimicking Silver and Gold but has not broken out yet, like Silver. I could not account for why this was happening, except that the market was buying precious metals as a hedge against the market....but late on Friday we found out
The US and UK have decided to ban Russia's supply of Copper to their markets and this will almost definitely affect supply which will raise the price of Copper. Some people were clearly aware of this because the price jumped from $36 to $46 in a short space of time.
That being said, you are still early for Copper Miners, as the price can break out above $47 and trigger the bull case.
Up +2.3% in the PM now and very close to $47.
