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Copper Has Bottomed Out In The Short Term

I see a potential bottom in copper forming.

For one, the contango (red dots) have formed a top, which always coincides with a bottom in copper price (Chart 1).

Second, the large commercials are highly long on the copper COT report, which always coincides with a bottom in copper price (Chart 2).

Chart 1: Copper Contango Vs. Copper Price

Chart 2: Copper COT report