In a July 13, 2023, Barchart article, I suggested it was a good time to scoop up copper. The nearby September COMEX copper futures contract was at the $3.8540 per pound level in mid-July. In that piece, I wrote:
Now could be the perfect time to buy copper but would leave plenty of room to add on further price declines. A hawkish Fed could cause the price to drop, but the demand fundamentals and supply concerns will likely limit the downside. However, as prices can rise to crazy levels on the upside, sudden selling can also send copper and other commodities to irrational, illogical, and unreasonable prices on the downside. If that happens, I will buy scale-down as the bullish fundamentals remain compelling.
