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One of the best trades of this decade will be copper or copper miners with deep inventories. It’s well understood, right down to the government level, that we’re going to need a lot of copper in the green transition and that existing mines aren’t enough. At the same time, investors are unwilling to fund new
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WTI crude oil settled up $3.25 today to $86.79 on the day. That’s higher than last week’s close at $85.98 and represents an impressive turnaround from $81.20 at yesterday’s low. The market is struggling to price in tight global supplies against worries of falling future demand. There are also uncertainties about how much natural gas-to-oil
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German DAX futures flat UK FTSE futures +0.2% That follows the more modest showing yesterday in European equities, though I would expect some light optimism as we get to the open later in the day. US futures are holding higher, with S&P 500 futures seen up 0.2% currently and that comes after a positive session
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It wasn’t until Jackson Hole that markets really settled on the ECB hiking by 75 bps today but by now, that move is more or less fully priced in and the risk here would be the ECB not hiking by that amount instead. Let’s face the facts. The European economy is being strained significantly by
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The dollar is holding steady on the day after having seen a bit of a rejection at key levels in trading yesterday. EUR/USD moved up after contesting 0.9900 while GBP/USD held at the March 2020 lows near 1.1400 before climbing back up to above 1.1500 now. Meanwhile, USD/JPY came within a whisker of touching 145.00
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