Chart of the Day - Wednesday, June 22nd, 2022
June 22, 2022
Today’s Chart of the Day was shared by Renaissance Macro Research (@RenMacLLC). Copper has been stuck in a sideways range for over a year now. However, it's decisively breaking the lower bounds of that range this week, closing at a fresh 52-week low today. Due to its widespread industrial uses, Copper is perceived as a leading economic indicator. While some interpret this as a sign that inflation has peaked, generally speaking, there's nothing bullish about Copper weakness.