The Great Copper Puke: The Crowd Sold The Lows

The copper puke

Managed money just delivered its biggest copper sale since April 2023, pushing selling to a 3.5-year extreme just as the metal hit its long-term trend line and 100-day MA.

With copper still tightly linked to the data-center trade, this looks more like liquidation than a broken structural trend. As long as AI remains alive, don’t get too bearish on copper.