Commodities today...
Source: Markets & Mayhem
The breadth in commodity price spikes is the highest in two years
Source: Bloomberg
Copper just had its worst 2-day decline in 13 years.
A much-needed shake out to reset the sentiment. Source: Bloomberg, Tavi Costa, Crescat Capital
Aluminum appears to be the next metal getting sent as price surges to highest level since June 2022
Source: barchart
JUST IN: The Biden administration announces it is releasing 1 million barrels of gasoline from a Northeast reserve.
These reserves were established to supplement in times of a natural disaster. However, the Biden Administration said this is a move to lower gas prices ahead of the summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. Energy Department officials said this should help create lower gas prices by July 4th. Energy inflation is still a major issue. Source: The Kobeissi Letter
As highlighted by Tavi Costa ->
Despite the recent surge in copper prices, when adjusted for true inflation, the metal is trading at levels we saw in the early 1990s. Will copper prices adjusted for gold still be this low by the end of this decade if we proceed with one of the largest infrastructure developments we've seen in the last 100 years??? Source: Crescat Capital, Bloomberg
The metal bull market is broadening as Gold, Silver, Nickel and Copper are all exploding higher.
What is the message from Mr Market here? Source: www.zerohedge.com, Bloomberg
The Global X Uranium ETF $URA is already up 13.5% in May.
It's on track for its highest monthly close since March 2014... after spending the past several months consolidating. Source: Justin Spittler
