Supercycles take time to develop and will inevitably span periods of relatively soft fundamentals and price consolidation. Copper is currently a case in point, according to Goldman Sachs, which pronounced itself a commodities super-bull late last year. The investment bank maintains its view that “copper stands at the beginning of a multi-year bull market” with the current pause reflecting temporary “investor anxiety” and “liquidation bouts”. (“Copper - Fade the China Dip”, May 27, 2021). That “anxiety” has seen funds cut sharply their bull copper bets over the last couple of weeks, even as the London Metal Exchange ... (full story)