What I Am Watching Today — AUD/USD, USD/JPY, Copper, and Platinum

Shanghai Futures Exchange stocks fell 24% in the week to November 6, to 33,848 tons. This means that there is a growing lack of supply in Asia. Chinese buyers are paying up for copper. The import premium has reached $230 a ton, so I suspect it is probably only a matter of time before we see buyers come back in.

I’ll be eyeballing this $6 level. I really don’t like shorting copper. I understand part of this is the AI trade unwind. Those who wish to short copper might aim for $6, but I think $6 is going to end up being rather important support. I’m more or less just watching today, but if we get anywhere close to that, I might be willing to have a swing at it.