Mike McGlone: Copper futures and S&P 500 reach record high correlation

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Mike McGlone: Copper futures and S&P 500 reach record high correlation — Copper and S&P 500 correlation at record

The 50-week correlation between the copper futures contract (HG1) and the S&P 500 (SPX) has reached about 0.64, its highest level since 1988 on the way up. Mike McGlone described this as emphasizing the stock-puppet status of copper, a metal often seen as economically sensitive.

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McGlone has monitored trends across commodities in recent months. He has highlighted how U.S. natural gas futures remained below $4 while managed-money net-short positions increased. Earlier this year, he noted that platinum reversed from near $3,000 an ounce, establishing $2,000 as key resistance.

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