China copper smelters bracing for shortage of vital scrap metal
Around 30% of China’s refined copper production used scrap metal as a feedstock in 2023.
Nothing new to report from Uncle Ben and his cronies but at least there was more talk of inflation with rising commodity prices. The $2.50 range carried on in Crude again today as traders try to figure out what direction from here. Our bias remains bearish as we’re expecting June to trade back near $109 in the coming weeks. We’ve yet to make a move shorting the distillates with clients as both heating oil and RBOB advanced today. When we see signs of an interim top we will be looking to gain bearish exposure…stay tuned. Aggressive traders can continue to gain bearish exposure in natural gas as we’re anticipating a break of 20-30 cents in the coming sessions.
