Would we expect to see copper price stabilize now, or even recover a bit from this point forward?
I feel I know my mining stocks pretty well,,, but mystery men from China suddenly liquidating billions of dollars in copper futures,,,, that type of macro scale economy is outside my wheelhouse...
Just from the bit of research you guys have posted, it seems more than likely the rather large plunge could be attributed to this sell off, so barring it swaying the market into thinking copper is a dud mid to long term (more people pulling their position in copper), I would think some recovery make sense.
Nothing I have read gives a clear picture of the motivation for such a massive position being liquidated. The holder deciding copper won't pay off as big as they originally thought is just one theory...
Anyway, on a MOD note, the endless supply at and below 48 cents seems to be drying up a bit. Could be set for another move above 50 if some outside interest wants to buy up any decent amount.
Either way, i'm personally looking to upsize if price drops again on a few days of low interest, so it can go either way for me...
Just keep drilling and hitting that copper while the market sits on its hands
MOD Price at posting:
48.0¢ Sentiment: Buy Disclosure: Held
