Talking about a big shift in the copper contango curve. Last week we saw a huge drop in the copper price along with a huge shift of the copper contango curve upwards.
I believe the copper price still has room to drop further from this stage. This will also not be bullish for equities.
But when looking at the COT reports, I see a lot of commercial longs, so we will be nearing a bottom soon.
For more info on the copper contango theory, go here.