Dr Copper has continued surging. Latest bullish take was from GS we outlined yesterday, here, where the conclusion is basically;
""This current price strength is not an irrational aberration, rather we view it as the first leg of a structural bull market in copper"
We leave long term views to others to decide on as we like to focus on risk and opportunities. Copper vs gold ratio has exploded higher over past weeks, moving in tandem with yields, but yields have been lagging.
If yields "get inspired" by the copper/gold ratio things could get interesting as that would imply US 10 year at 1.8% ish. Not very likely maybe, but with MOVE and VIX having crashed lately you are offered a relatively cheap way to play this possible scenario.
Equities will have a problem digesting a spike in yields, especially as the main duration play remains tech, and that is were earnings are made, chart 2.