Because AI and high tech are going to need all the infrastructure they can get.
We’re going to need 800 million tons of copper. That’s a lot of copper. Here’s one thing you may find surprising, as I did: copper is selling for $6.50 a pound, the highest it has ever been. A data center, like the ones we are building here, consumes 65 tons of copper. The scale of these data centers and what they are using is a boom for materials, for mining, and for refining. The data centers going in over the next 12 months to two or three years are going to require 800 million tons of copper.
The Setup
Late in the trend. Fifth-wave thrust to new highs. Target is very short-term oriented here — I am expecting a downdraft, a deflationary downdraft in June.
the price structure shows a horizontal bullish triangle that should lead to one last thrust targeting the same width as A added to E. The technical event model has copper in breakout mode. Technical event number four supporting a breakout from here. That is not predicting a breakout, but that supports carryover when a breakout occurs, not a whip-saw. A move above 195 would be the breakout.
May 29 call option at 165: priced around 8.30, give or take. Targets 60 to 70 intrinsic value on the call. Has to happen fast.
June 5, 165 call: mid-range around 10.20.
What’s good about this trade is that it should not drop below the most recent low, marked C on the chart. That is your stop. Any move back down into intermediate-term resistance, which is below 163, I would exit the trade.
…More to follow
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Great and many thanks,
Jack F. Cahn, CMT+
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