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Copper: 420 Friendly*

On the one hand, yeah I know copper is around 10% down in the last couple of weeks and hasn’t been immune to the sell-off and has been painful and a loser and etc. But on the other hand…

…LOOK AT THE PRICE OF COPPER! Even after the recent mess and the way China has temporarily closed Shanghai, it’s still selling at U$4.20/lb and above and any decent copper mining company is making a mint at these prices, no matter what inflation has done in the last couple of quarters. And you seriously think China’s appetite for the metal is all going away all of a sudden? That Xi doesn’t want to preside over economic expansion? That Belt&Road was just a passing fad? Copper stocks are now on sale, be clear.

*Just because I’m a boring uncool square doesn’t mean i can’t use your hip and woke lingo, oh young person of youth.

13 Comments

    It’s very difficult to sit on your hands when there is blood in the streets, but I feel more blood is coming…

    Reply

    Problem here is that Fed will not back off and will raise rates again and again right into an obvious recession to get inflation down. That is not a good recipe for higher base metal prices. At least that is what I am worrying about.

    Reply
    Andy Etnyre Pleasant Hill, Iowa 11/05/22 8:29 am

    Do you think Freeport McMoRan is on sale or are you talking more about the juniors??

    Reply

    Aaaaand, it’s gone.

    Reply

    That CMMC hedge is starting to look like a good move if this continues. Almost at 4.

    Reply

    QCCU running to $0 EV

    Just sayin’

    Reply

    […] one thing to recognize copper is 420 friendly, another to know how to take […]

    Reply

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