Seems like a good time to start easing out of those copper names

Anything in particular or general oversupply/weak china concerns?

Just a lot of supply coming online. I just feel like things are weakening with price pressure likely.

^reading bberg?

No, the supply thing’s been pretty well documented for awhile, but I align pretty well with the Goldman view over the next 12 months

BS thought on copper? I bought some additional FCX @ 9.25 mid October on the dip. Debating pulling a large chunk out now after todays massive pop.

Sold 40% of my position today @ 14.15. At a 52 week high and a huge run up the last few days felt like I was getting greedy and needed to lock in some profits. Copper has been going insane lately.


Well done!

Sorry just saw this, but you made the right move. Realize that these ~$2.50 prices are WITH a strong dollar, so in local currency terms for most end markets those prices are even higher. Then consider that the demand backdrop is largely unchanged and this is based entirely on Trump infrastructure stimulus bets from a guy who isn’t even in office yet. He has to 1) take office 2) actually form and pass a budget over budget hawks 3) get that money allocated to specific projects 4) get those projects planned 5) complete bidding and 6) complete construction with most copper usage occurring late in construction.

All against a strong dollar and ongoing real economic risks to the backdrop in the meanwhile. This rally is setup to fail.