From the desk of Steve Strazza @Sstrazza
Our Top 10 report was just published. In this weekly note, we highlight 10 of the most important charts or themes we're currently seeing in asset classes around the world.
Base Metals Bury The Hatchet
Dr. Copper often steals the spotlight when it comes to base metals, and for good reason. It’s one of the most economically sensitive commodities. More importantly, it holds a special place in our collective psyche, as one of the major assets that investors turn to in order to gauge the state of the economy, and even investor risk appetite. With that said, the current correction in Copper has raised some concern, especially given the choppy market conditions.
But when we turn to some of the other base metals like Tin, Steel, and Iron Ore, their recent base breakouts are intact. In fact, that’s an understatement. These are some powerful uptrends, and unlike Copper, they just keep pushing higher. While the consolidation in Copper makes sense given the messy market environment and its explosive move since last fall, underneath the surface its base metal peers are indicating an eventual upside resolution is likely.
