Copper Popper. Manic Metals Report 08/16/2024

Doctor copper popped after a big uptick in global risk on sentiment.  Copper liked the fact that the expectations that the US economy is s going to miss a recession and the Chinese industrial sector while slightly disappointing isn’t crashing gave copper a signal to turn.  Gold was up on safe haven risk on buying and even the peace talks between Israel and Hamas doesn’t seem to be slowing but gold’s momentum this morning.

Industrial metals have an impressive day and even silver, one of the weaker metals, put in an incredible performance.

Today Copper is pulling back on a Reuters report that “Global mining giant BHP has reached an agreement with a striking union at its massive Escondida copper mine in Chile, the firm said on Friday, which will see the three-day strike called off and defuse fears about a hit to global supplies of the metal. The union, which represents about 2,400 people, had initiated a strike on Tuesday at Escondida, the world’s largest copper mine, after failing to reach a deal over pay.”

I know the key here is the help of the US economy going forward we did see some reports from Chicago Fed president Austin Goolsbee who basically said that he’s concerned that they are seeing that early warning signs of a recession there’s also talk about some price controls in oil and commodities which could make the commodity prices for just about everything in the metals go through the roof today there seems to be a little bit of profit taking as we get a handle on what may happen in the Middle East.

Make sure you stay tuned to the Fox Business Network you can also sign up for the Phil Flynn daily energy report and open your account by calling 888-264-5665 or email pflynn@pricegroup.com.