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JJCTF - Chart Of The Week: Copper And Chinese Power Grid Investment (Update)
iPath Bloomberg Copper Subindex Total Return Sub-Index ETN
Last July, we posted one of our favorite charts, which exhibited the tight relationship between the movement in the LME 3-month copper price and the changes in China’s power grid investment.
We found that the year-on-year changes in power grid investment tend to lead the year-on-year changes in the LME 3-month copper price by around 18 months.
As a result, we were constructive on our outlook for the LME copper price given the rebound in power grid investment growth in the final months of the year. This has played out pretty well.