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EM Watch: Why China is trying to wreak havoc on your Gold longs

EM Watch: Is the Chinese copper demand down 40%?

The Chinese apparent copper consumption is absolutely on the floor, while the copper market is turning bid again. Is the Chinese consensus getting too upbeat again? And how will it market in the West during the summer?

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Steno Signals #104 – Get ready for a WAVE of liquidity in July!

Steno Signals #103: A blood-bath in metals in July!?

There is a material cluster risk in metals ahead of July deliveries and the consensus remains alarmingly upbeat in Gold, Silver and Copper. Here is why it could turn into a July bloodbath in metals.

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EM by EM #3 – Copper comeback?

EM by EM #3 – Copper comeback?

In Q1, we had a long position in copper. However, since our exit, industrial metals have experienced a reversal, and most of the gains YTD have been wiped out. But could the copper story have another leg to it? In this piece, we will share our perspective combining the macro with the development from the relevant EM frontlines.

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Commodities Watch – What commodity super cycle?

Commodities Watch – What commodity super cycle?

The Chinese reopening has possibly been the most covered topic since its announcement in late 2022 – at least in financial circles. The awaited lifebuoy for the global economy, which the reopening consensually was thought to be, has yet to truly show up in prices of commodities essential in manufacturing. We prefer to stay long Industrial Metals (mainly Copper) relative to Energy.


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