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Dr Copper is coughing

Jun 29, 2022

The price of copper is now down 20% since April 2022. Dr Copper is one of the most important industrial commodities and seen as a solid leading indicator for future economic activity. Fears over a global economic slowdown are indeed starting to take hold. We also note that inflation expectations, as measured by the 5 year TIPS breakeven, have been coming down 100 bps since March. All this could be initial signs inflation has peaked and we are in for more economic woes. The attitude of central banks going forward will play a central role. Stay defensive as more uncertainty lies ahead.

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