Gargantua SQUEEZE According to IIROC there are currently 14,263,000 shares total short. Out of this number there has been an increase of 7,793,000 short shares in the past 2 to 3 weeks. Most of these shares were probably sold around $7.50 to $7 range. Yesterday was a good opportunity for some short sellers to cover their position. Regardless, seems the price has bottomed here at $6.60ish level. Based on the positive news coming out for copper demand I see the trend upward going forward.
Together with short covering and any positive news from Ivanhoe could result in a Gargantua Squeeze.
https://www.bloomberg.com/news/articles/2021-03-23/trafigura-sees-green-copper-supercycle-driving-prices-to-15-000