What can you say?
20 + years of sideways.
Zowie.
This chart gets a "10".
20 + years of sideways.
Zowie.
This chart gets a "10".
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$copper looking very bullish
- Thread starter countryBoy641
- Start date
Copper can be marker for either economic strength or weakness.... OR and inflation hedge similar to gold and silver. FCX, Freeport McMoran, a good thing to keep an eye on.
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Several years ago, I remember reading Carl Icahn was building a large position in
FCX. ($12/share)
And he was basically denying it, "don't do what I'm doing".
Yeah, stupid as a fox.
When you trade copper, you must remember that China uses about 60% of the internationally traded supply. However, several months ago the prices in China were actually lower than in the West, it is also a major copper producer. And so of all things there was an interesting arbitrage opportunity. Copper supplies actually started flowing OUT of China into Western markets for a spell, which then started dropping the price at the LME and Comex.
That period ended and prices stabilized around $4 per pound at Comex, and then began a bit of an uptrend. However, you will often see copper prices react overnight to China econ reports, and copper can drop 4-10 cents overnight if reports are weak! Right now copper could go either way, it could take off or it could retest $4. Just like with oil prices right now, China is usually the number one demand factor. Much longer term I like copper very much in terms of the further building out of additional electrical infrastructure for the energy transition and the much hyped AI power needs. Thus I own a small amount of the Sprott copper miners ETF.
I day trade micro copper, MHG, I really like the contract, and convinced an additional broker of mine to carry it. So far I am better at sensing and reading Price Action with this niche market than most markets, and have a 90% win rate. I know that kind of stat can't hold up over time, but for now I am readily seeking out opportunities each week.
That period ended and prices stabilized around $4 per pound at Comex, and then began a bit of an uptrend. However, you will often see copper prices react overnight to China econ reports, and copper can drop 4-10 cents overnight if reports are weak! Right now copper could go either way, it could take off or it could retest $4. Just like with oil prices right now, China is usually the number one demand factor. Much longer term I like copper very much in terms of the further building out of additional electrical infrastructure for the energy transition and the much hyped AI power needs. Thus I own a small amount of the Sprott copper miners ETF.
I day trade micro copper, MHG, I really like the contract, and convinced an additional broker of mine to carry it. So far I am better at sensing and reading Price Action with this niche market than most markets, and have a 90% win rate. I know that kind of stat can't hold up over time, but for now I am readily seeking out opportunities each week.
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