RE:I Guess Robert Friedland new what he was talking about...... That story was from before the pandemic even got started. It was self-serving at the time. I am sure if you go back many years you can find articles that support whatever position makes you look like a soothsayer.
From what I have been looking at today, the whole copper space is taking it on the chin to the tune of 5% or so. We are being hit harder because while many other comparables such as CMMC have been drifting lower over the last few days, CS stock was actually increasing.
Lots of volatility out there right now:
Copper spot is off by a bit over $0.20 in the last week. We were given grace in not experiencing an immediate drop. If it was just a blip and returned to $4.75, we would have kept climbing.
Copper futures are off by around $0.25 in the last week. This signaled that the spot drop was likely not just a blip.
Looking at the long term trading ranges though, both prices overshot the approximate average step rise of $0.50 from the $4.10 level. Check the year long charts to verify. So this drop was predictable, even if we hoped otherwise.
Bitcoin hit a low of $30K from $55K in the last week, now sitting just under $40K
US dollar is up against CAD by over a penny as well, an indicator that copper price would fall.
Add to all of the above that some are ready to bail and take profits earned in stages at the earliest warning since our low of last year.
I am displeased with today, but not too worried yet.