🦧 what china means for copper
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china’s relaxing a lil’ bit
for the third year, china's known to have one of the most (if not the strictest) zero-covid policy (i.e. shanghai even had a two-month lockdown)
while it's unclear whether the policy successfully prevented covid cases (as daily cases are still surging past 10k in the country), china's economy has struggled big time (from its hard-to-recover real estate market to negative gdp growth rate in recent quarters)
metals are sensitive to demand
industrial metals are those used in electrical wire, cars, pipes, etc.
china's the second largest economy in the world and the world's leading user of commodities, including industrial metals
naturally, the market is anticipating ahead an increase in demand for various metals and price movements are already reflecting that
copper futures jumped 7%+ on 11/3 and recently recorded largest one-day % gain since '09
zinc futures are also up nearly 7% in the past week, and aluminum futures are up ~5% in the same time frame
some metal producers’ tickers to look out for: FCX 0.00 (freeport-mcmoran), RIO 0.00 (rio tinto), NUE 0.00 (nucor)
💡 something im thinking about
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