Copper, Stocks and 1Q Pump-Then-Dump Contagion - A prerequisite for copper to rise may be a resilient S&P 500, and both might have peaked in 1Q. My graphic emphasizes the significance of $6-a-pound copper resistance: staying above this level would have positive implications for the global economy and risk assets. At $5.58 on April 2, the economically sensitive metal closely tied to the stock market swung from a roughly 15% 2026 gain (to January's $6.58 record) to a 2% year-to-date loss, a bit behind the S&P 500's decline. Is this a pump-then-dump feint, or a more enduring peak? I lean to the latter due a growing list of 1Q pump-then-dump companions: silver, gold, US natural gas and Bitcoin. Copper surpluses are building and the metal may face a lose-lose, especially if the Iran war persists. Spiking fuel costs could have already sparked a global recession. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tcpiqfkgifr5 {BI COMD} #Copper #stockmarket #Iran #crudeoil @BBGIntelligence(Mike McGlone)