Nearby COMEX copper futures were sitting at the $4.0735 level on February 23, 2023, when I wrote, “over the past month, copper has not appreciated because the macroeconomic landscape indicated a hawkish central monetary policy pushing interest rates and the U.S. dollar index higher. Copper’s price has continued to consolidate in the face of increasing rates and a rebound in the dollar, a sign of underlying strength.”
As the markets move into 2023’s second quarter, the macroeconomic landscape could be shifting in the red metal’s favor. The U.S. Copper ETF (CPER) tracks copper prices higher and lower.
