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Copper leads materials ranking as equities lag, Tracy Shuchart notes
Tracy Shuchart, independent trader and strategist at Independent / Trader, reports that Citigroup has placed copper at the top of its near-term materials ranking.
The bank argues that mining equities have lagged behind increases in underlying metal prices and are positioned to catch up, according to commentary cited from Bloomberg.
Shuchart has previously noted that Detroit carmakers could face a $5 billion shock from higher commodity prices linked to supply chain disruptions. In a separate report, she highlighted Idemitsu Kosan’s purchase of 4 million barrels of U.S. crude for August delivery. Both developments point to ongoing pressures across major materials and energy markets.
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