bearish
Don’t Get Fooled by the Tight Inventory Narrative - Economic Situation Continues to Worsen
SUMMARY
- Don’t get fooled by the tight inventory narrative While many copper bulls continue to write about the low copper inventories I would like to inform you once again that there is simply no correlation between copper inventories and the price of the industrial metal.
- If you want to be precise - you could even make the case that excessive lows in the LME copper inventory data actually mark cyclical highs in the price of the brownish metal.
- US Leading Economic Index's recession signal deepens in March, Conference Board reports: “The US LEI fell to its lowest level since November of 2020, consistent with worsening economic conditions ahead,” says CB's senior manager for business cycle indicators.
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