The Goldman Sachs materials conference is highlighting the supply constraints in the copper market and gives us an opportunity to point out encouraging technical signs here.
Take a look at Freeport McMoRan (FCX, quote), for example, which is looking at very constructive price action in the last few weeks:
Especially in light of FCX’s recent plunge of roughly 15% from around $56 to well below its mid-March low of $47, this is a bullish sign.
And we are seeing this kind of action in other copper giants as well.
Take a look at Peru’s Antofogasta, which thinly trades in New York as ANFGF (quote)
Or Southern Copper (SCCO, quote), for that matter: