Summary
According to the COT data, during the latest consolidation phase, the speculators trading copper futures significantly reduced their net short position.
A few weeks ago, the price of copper broke above its medium-term resistance.
This move was fueled by the bears leaving the market en masse.
In my opinion, the current leg up in copper prices should be considered an initial and very volatile stage of a new bull market.
A long-term bullish thesis on copper is supported by strong data coming from the copper physical market.