Copper was trading at just over the $3.70 per pound level on the nearby COMEX futures contract when I wrote, “Copper remains in a bearish trend in mid-November 2023, but the recent price action has not diminished my long-term bullish bias toward the red metal.”
Copper is a bellwether industrial commodity that is highly sensitive to the U.S. dollar and U.S. interest rates. The recent action in the currency and debt markets could mean copper is heading back above the $4 per pound level in 2024. The CPER ETF moves higher and lower with copper prices, and Freeport McMoRan (FCX) is one of the world’s leading copper-producing companies that stands to benefit from higher prices.
