article link:
https://www.nasdaq.com/articles/why-now-might-be-a-good-time-to-buy-copper Original Headline: Why Now Might be a Good Time to Buy Copper November 15, 2023 — 11:20 am EST
Written by Andrew Hecht for Barchart [Nasdaq]
Excerpted starting paragraphs of article: Cu is the commodity that tends to lead the other nonferrous metals trading on the world’s top base metals exchange, the London Metals Exchange. Copper forwards trade on the LME, while the CME’s COMEX division lists futures on copper.
My October 13 Barchart article explaining why rising interest rates and a weak Chinese economy pushed copper prices lower concluded:
Copper is under pressure because rates have soared, and the dollar index moved higher. However, supply and demand fundamentals suggest that the red metal will find a bottom sooner rather than later.
Nearby December COMEX copper futures were at the $3.5650 per pound level on October 13. In mid-November, the red metal’s price was higher.
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Excerpted closing paragraphs of article: As the world’s leading copper producers develop new reserves, some of the most promising mines are in the Democratic Republic of Congo. The DRC is not a politically stable country, which could add to supply concerns over the coming years when demand returns to the copper market and the fundamentals improve. I am a buyer of copper at the current price level, leaving plenty of room to add on further declines. I will take my time accumulating and adding to long positions in copper futures, ETFs like CPER, and copper mining stocks, including FCX, GLNCY, BHP, and RIO.
Copper remains in a bearish trend in mid-November 2023, but the recent price action has not diminished my long-term bullish bias toward the red metal.
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To this article, I would include the following alternate headline:
Is Now a Good Time to Dollar-Cost-Average Ororco? Kindest regards.