Click to Enlarge Of the world’s five most-traded and most-used soft metals, copper is by far the most practical one. Problem: It’s also the most abundant one, in addition to being the industrial metal that we’re progressively needing less and less of. The end results are …
- A chart that looks distinctively different than any other soft-metal chart.
- A chart that can be taken at face value more than any other metal chart.
In any case, the move under $3.10 per pound last month pulled copper below a key floor, though there’s still a glimmer of hope of support at $2.90. If the floor at $2.90 fails, however, there’s little left that would keep prices afloat.
Thing is, in-stock copper supplies are just a tad off 10-year highs. It doesn’t look good for prices.