Top Stock-Puppet Copper May Be Bottoming vs. SPX Record-setting gold in 1Q has passed the performance baton to copper, and the industrial metal may be gaining an upper hand vs. the stock market, but for potentially unfavorable reasons. At about 0.88 on Sept. 23, the pounds of the metal in terms of the S&P 500 (SPX, divided by 1,000) are roughly at the same level as the end of 2019 and may be forming a nadir akin to in 1999-2000. The graphic highlights that for copper to outperform beta, beta may have to drop. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tlv2h8r24u85 {BI COMD} #copper #stocks @BBGIntelligence