Although copper has become a less reliable “tell” for equities in recent quarters as it once was a few years back, it is worth still checking up on the esteemed doctor periodically. I have often used premier copper (and gold) miner Freeport McMoRan to gauge the general health of copper.
On the updated monthly chart below, you can see the massive range (blue lines) in which the stock has traded in going back at least five years. Thus far, the stock has held onto that major support area at $30 admirably, which is encouraging for bulls.
However, that is not enough to really get behind the bull “tell” thesis here, since we have yet to see buyers step in with conviction. The longer major support holds, though, the more likely that will happen. All in all, Freeport is giving us a neutral look with bullish undertones.
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