Copper and Yields Are About to Move Together

Everyone looks at copper by itself.

That’s a mistake.

Look at this chart.

Copper and long term U.S. yields have been moving together for years. Not perfectly, but when one starts to trend, the other usually follows.

Right now, copper is doing something important.

It’s pushing into new highs.

That matters because copper doesn’t just move for fun. It moves when demand is real. When global growth expectations are shifting. When the system needs more raw materials.

Now look at yields.

They’ve been lagging. Choppy. Frustrating.

But they’re starting to turn.

If copper is telling the truth here, yields don’t stay behind for long.

They catch up.

And when they do, it’s not a slow grind. It’s a move.

What This Means

Higher copper and higher yields together tell you one thing.

Global growth and inflation pressures are building at the same time.

That’s not a friendly environment for bonds.

It’s a powerful environment for commodities.

Final Thought

Copper is already breaking out.

Yields haven’t fully moved yet.

That gap doesn’t stay open forever.

One of them is wrong.

And I’m betting it’s not copper.

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Excited to talk about this on The Holy Macro Show tomorrow at 10am NYC time.