Fund managers have been reducing their exposure to copper as the market heads into what is normally a seasonally weak spot for demand.
Supercycle bulls will argue that this is just a temporary soft spot before green infrastructure stimulus starts building momentum in Europe and the United States.
Supercycle sceptics counter that copper and other industrial metals haven’t yet escaped the old China cycle, which is currently cooling fast.
Copper is in a period of peak narrative confusion and the price is currently reflecting that uncertainty. London Metal Exchange (LME) three-month metal has been locked in choppy sideways action after last month’s slide to the $9,000-per tonne level, last trading around $9,370.