- Copper miners tilt lower as the price of the red metal edged off near-record highs as surging inflation adds a bit of uncertainty to optimistic growth sentiment: FCX -2%, SCCO -2%, TECK -2.5%, HBM -4.6%, TGB -6.7%.
- ETFs: CPER, DBB, JJCTF, JJC, JJN, JJM, JJT, JJU
- Iron ore's record rally also stalled out today, partly on inflation concerns.
- Three-month London copper slipped $104 to $10,342/ton; tin, zinc, lead and aluminum also fell.
- Citigroup today raised its copper outlook, seeing prices hitting $12.2K/ton in the next 3-4 months as China's demand peaks and the rest of the world recovers.
- Copper bears are "massively underestimating the scale of the one-off wave of consumer demand," and how long it will take to work through the pipeline of home renovations and upgrades, Citi analysts tell Bloomberg.
- "Tightness in some commodity markets is likely to last longer as supply constraints are mostly a function of lack of investment in new capacity, geopolitical risks, permitting issues" and other structural issues, Jefferies analyst Christopher LaFemina says.
- Goldman Sachs predicted last month that copper would climb to $15K by 2025.