2024-06-17 17:48:09 ET
Summary
- Copper prices hit a two-month low amid concerns about global growth trade and a rising US Dollar Index.
- I am downgrading the SPDR S&P Metals & Mining ETF (XME) from buy to hold, as the fund is more expensive on a P/E basis today versus last summer.
- XME faces technical challenges, too, with a broken uptrend.
- I highlight key price levels to watch as bullish seasonal trends persist through July.
Copper prices sunk to their lowest level in almost two months as the holiday-shortened week got underway on June 17. The global growth trade has recently been called into question among volatile price reactions to elections (see: Mexico, India, France). ...
Read the full article on Seeking Alpha
For further details see:
XME: Dr. Copper Sending A Warning Diagnosis (Rating Downgrade)