RE:RE:Cu down poor economic data and new coronavirus restrictions "
i wouldnot put much weight on the chickenlittle report suggesting copper hits 3.00"(sic) And I wouldn't put much weight on data that is not cited. Unless you happen to carry those statistics around in your head every day, you must have looked up the numbers so why not include your source in your post; then we can check for ourselves instead of just taking the word of an anonymous poster?
I looked up 5 Year LME Warehouse Stocks Level –
https://www.copperenews.com/copper-warehouse-stocks.asp It seems that the high you reported of 400000 occurred two years eariler in Feb. 2018, the high in May 2020 was only 275000. The only accurate number in your post according to this chart is that present inventory is about 75000.
Additionally, we see lower highs and lower lows for the last three years, and a seasonal low in the spring of both 2019 and 2020. Could this suggest another drop this spring? In April 2019 Cu was 2.95/lb. by August it had dropped 15% to 2.53.
https://www.kitcometals.com/charts/copper_historical_large.html#5years
Considering the recent extraordinary appreciation in copper and the attraction of speculation I would not be surprised to see Cu correct to below the 3.55 level. If this occurs it is not a death sentence for NCU but for the fact that in corrections speculators tend to bail and the price of the asset overshoots fair value - a "contrarian buying opportunity"
NCU offers excellent long-term value, so don’t be stampeded by speculators rushing toward the door. and another tip - Nevada has a lot of "blue sky" just don't invest in it.
b.