Copper price jumped substantially higher Friday due to a variety...

Copper price jumped substantially higher Friday due to a variety of factors.
The good news is the copper price is above Restart Study levels and above the levels of Nifty acquisition from MLX.
These double bottoms on the chart are generally a good indicator of sustained prices as the market rejects moving lower. The higher volume is indicative of Feb 21 - Mar 21 when prices made significant gains and then plateaued sideways for a few months. Hopefully we will see the same again but I suspect it might consolidate at current levels. We know inventories are critically low and many mining operations have reduced output since June so will be interesting to see how this plays out. Nobody has a crystal ball to see what the future brings but one thing is certain, copper has been bullish since July bottom.


On other news, the world's largest automaker Toyota announced plans in late August to invest $5.6 billion in new plants to build electric vehicle batteries in Japan and the United States. Toyota recently announced plans to invest roughly $70 billion including $35 billion in all-electric battery technologies over the next 9 years. It plans to offer about 70 electrified models globally by 2025. Toyota plans to sell about 3.5 million all-electric vehicles annually by 2030, which would only be around a third of its current annual sales.

The transition to EV manufacturing is happening in earnest.