PJL, page-5

PJL, my graph says the same. The reason Copper has coiled is because of massive oversupply and bulging inventories. The demand for copper has wavered due to car makers are almost at a stop because cannot get chips and China manufacturing is almost non-existent. Read the article today in ***** metals, “Volkswagen supply chain almost stopped and for the first time in their history, now talking to miners for off takes to get supply. With waning demand, the copper price reeling, miners with high grade mines, and increase production to keep cashflow exacerbating the problem, creating an oversupply currently at 400%. That is why the prediction for copper is sub $3.00lb. At Cu at $3lb West Musgrave is a graveyard. There is nothing in site at this moment that can increase the demand for manufacturing. Hence copper demand and prices decrease. It’s all about supply and demand. No point in making batteries if car manufacturers can’t make cars. Kaboom. Volkswagen today: “Volkswagen is entering into direct purchase agreements in these unprecedented times and can no longer rely on Tier one suppliers.“ we never used to talk to mine operators, but now we know their business model” so basically can’t make cars, no chips, so no cars, so no copper required. Inventories of copper getting bigger by the day. There will be active to re-enter the market but at this time “run forest run”This is how I see it.