As Good as It Gets for Copper? The highest-ever quarter-end price of copper (HG1), open interest, CME inventories as a percentage of the total across the CME, LME (London) and SHFE (China), and the S&P 500 (SPX) may signal that it's about as good as it gets for the metal. My chart highlights the same-chart syndrome among copper, open interest, CME's share of inventories and SPX, with copper's per-pound price appearing to be pulled upward by stocks. What can go wrong? HG1's 100-day correlation with SPX peaked near 0.65 in August -- the highest in the futures history since 1988 with markets rising. Despite underpinnings from US tariff distortions, supply disruptions and strong electrification demand, copper has been trailing the SPX. Will the metal catch up, or is it too stretched? My bias is that copper risks following 2026 pump-then-dump patterns in Bitcoin, gold, silver, platinum, palladium and iron ore. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tm2h5et3bzme {BI COMD} #copper @BBGIntelligence