š¦§ copper's down and it matters
š¦§ copper's down and it matters
š¤· a chart we donāt normally care aboutā¦
as retail investors, weāre never going to look up how price of copperās doing. weāre not going to buy/sell copper or rarely do we buy stocks in a company that does anything to do with copper
well, i think we should care about copper as well (and commodities in general), and here are some thoughts im having!
šŖØ where is copper used anyways?
nickel, kitchen sink, table tops, door knobs, railings, wire, saxophone, i mean everywhere!
and then of course the less interesting ones ā electric generators, lights, motors, computers, radios, TVs, etc.
š” whatās happening?
copper futures contract (basically price of copper) is at its lowest since nov-20 ā that's five consecutive weeks of decline!
a lot of this has to do with demand
the fed's raising interest rates, which is making people think that there may be less demand throughout the whole system
china, one of the biggest customers of copper, is recovering a lil' too slow from covid and lockdowns, leading people to think that there will be less copper buying going on, essentially
i guess it makes sense that some say "dr. copper" as a way to gauge economic healthā¦
i kid you not though, copper hit record high prices at the start of this year because of a huge supply shock driven by the war in ukraine (russia is a producer of copper and many contries are putting forth sanctions on russia)
š im keeping my eyes onā¦
not saying these will go up or down, just watching, so im ready to make a move on the right thing when an event happens
so happy itās friday already. i love love long weekends!
always always feel free to email me (apeofomaha@substack.com) to ask any questions! :)
š” something im thinking aboutā¦
š closing comments
all of this is just one apeās thoughts, but I would love to hear what you want to know about! happy trading!
as always, just another ape's thoughts and opinions ā i am no financial advisor! (i am no substitute for professional financial services)
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