Broker Data, page-651

The macro factors and risk-off I'm thinking in terms of are more nebulous and broader, and as I mentioned, stock price correlations != economic or commodity price correlations. To give you an example, the correlation between ferroniobium price and copper price is zero, but the correlation between weekly returns to WA1 and weekly returns to Sandfire over the past year is +0.3. Of course, ferroniobium price is a tricky proxy as it's really priced by CBMM, the central bank of niobium, rather than the market. Rare earths? When the underlying commodity prices sold off in March LYC didn't flinch, but look at May 21 to Jun 14, same as the above cos. Just observing a fairly broad, correlated and sharp move across stocks spanning various economically separated commodities over that time period.