Chart of the Day - Thursday, May 9, 2024

🏆 Today’s Chart of the Day was shared by Jim Knarr (@ChartMonitor).

• Jim points out that the Copper Miners ETF ($COPX) is breaking out to all-time highs on a total returns basis. When you adjust for dividends, it's still down -23% from its 2011 highs, but this is still a significant breakout to multi-year highs.

• Copper Miners ($COPX) are outperforming Gold Miners ($GDX), Silver Miners ($SIL) and the S&P 500 year-to-date. The top five weighted stocks in $COPX include $FM, $KGH, $IVN, $TECK, and $BOL.

• This breakout also confirms the recent strength in the underlying metal. Copper remains -6.7% below all-time highs, but it just had its best month in three years, and there's not much resistance standing in its way.

The takeaway: Copper Miners ($COPX) are emerging from a three-year base and outperforming their peers. This could also be foreshadowing what's next for Copper.