While
$SILVER continues to rip higher (and is showing EXTREME volatility), our eyes turn to
$COPPER. The macro backdrop remains unchanged, and supply-side risks are re-emerging.
Road blockades in northern Chile have now entered a fifth day, intermittently disrupting traffic along the main mining corridor and impacting multiple copper operations.
Copper briefly traded up to ~$13,220/t overnight, just shy of the ~$13,400/t highs set earlier this month. A decisive break above ATHs would likely confirm the next leg higher.