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Mike McGlone, industry influencer, observes that copper's stability has become highly dependent on a strong U.S. stock market. McGlone points to both copper and the S&P 500 rising about 5% year to date through April 29, highlighting potential risks across assets when such correlations strengthen.
McGlone previously highlighted that U.S. stock market capitalization dropped by about $3 trillion in 2024, raising concerns over rising volatility in a recent report. He has also pointed to the potential for a rebound in U.S. Treasuries after their extended decline compared to gold in his earlier analysis. These observations follow his latest comments on asset correlations.