...the Copper rally is probably over because China has ended its...

...the Copper rally is probably over because China has ended its stockpiling. Similar to Gold.
...as I did mention, all that supply deficit narrative was similar to all talk about oil supply deficit in the months after the Ukraine war, which I said is BS because it is Demand that is all important.

YTD view
COPPER Charts and Quotes — TradingView

Chinese Copper consumption is on the Floor! Remember that China is the largest Copper consumer and yet we keep hearing about “scarcity”

https://x.com/AndreasSteno/status/1802446741033107864

...on the 1 year BHP chart below, can you see the double X-mas tree formation since March 2024?

...now it risk violating its $41.95 major support, below which is an abyss.

...I had been warning about BHP for some time now on this thread, citing a $50 top and an October 2024 UK class action outcome to come.

...iron ore was already in the decline, and BHP was only held up thanks to copper, but now that too is ending.

1 year view then 5 year view
BHP Stock Price and Chart — ASX:BHP — TradingView

Industrial metals (copper, iron ore, lithium, nickel, aluminium, rare earths) are facing headwinds from
1. an economic slowdown in China: when it comes to industrial metals, it is all about China. If you want to invest in stocks of industrial metals, you'd want China's economy to grow; today's poor industrial production is amplifying the narrative about reduced demand (from China) and increasing inventories - demand for metals over the past few months were aided by China's stockpiling which were not aligned with its economic activity.
2. increasing risk and concerns over US recession ahead with the Fed staying higher for longer on rates