Analysts see reasons for a very tight copper market over the coming years. This is in part due to the way that copper is mined. The mining process is costly and demand for copper is set to only grow due to electric vehicle demand. As the world moves to a more renewable energy market then copper remains a crucial commodity. It is both highly conductive and highly flexible. Will we see copper gains now over this strong seasonal pattern for copper?

Over the last 20 years, copper has gained strongly between June 16 and July 31. The largest gain was +15.83% in 2009 and the largest loss was in 2002 at -11.27%. The average return has been +3.98% and the average positive return has been +7.85%. Will copper gain again this summer?

Major Trade Risks: If Covid cases surge again in China that could result in falling copper demand over this summer and is a key risk to this outlook.

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