Copper again made fresh decade highs last week and while we remain bullish base metals and the reflation trade in general we don’t believe the risk / reward favours chasing the current break out, at this stage MM is neutral looking for re-entry levels into the sector. Interestingly the $A hasn’t embraced the recent push higher by commodities which adds weight to our view that this is breakout not to be chased.
MM is now neutral copper into fresh 2021 highs
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