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Aerial view of a snow-covered quarry in Bewerley, North Yorkshire, England during winter.

Dr. Copper & Global Recession Risk

Executive Summary Copper ("Dr. Copper") remains a useful leading indicator of global industrial activity due to its ubiquitous use (power grids, construction, automotive, electronics, data centers). Futures are currently trading above $6.50/lb (COMEX), up about 30% year-over-year, and are holding above the 50- and 200-day moving averages. The metal formed a trough before equity markets…

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