Copper again made fresh decade highs last week but only to reverse gains and close lower by Friday, we remain bullish base metals & the reflation trade in general but we don’t believe the risk / reward favours chasing the markets current strength. At today’s levels MM is neutral looking for better re-entry opportunities into the sector. As we pointed out last week the $A hasn’t embraced the recent push higher by commodities adding weight to our view that this is breakout may not to be one to chase.
MM is neutral copper around the $US465/lb area
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