Unsustainable Low SPX Volatility vs. Copper, Metals That S&P 500 (SPX) annual volatility has dropped to its lowest relative to metals since 2007 may augur reversion risks, potentially into year-end. My graphic highlights copper futures (HG1) on the same scale as SPX, with HG1 riding the stock index's 100-week moving average. The tendency of volatility to mean-revert may emphasize a potential caution sign from the economically sensitive metal underperforming SPX since 2023. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tnx7xakijh9e {BI COMD} #copper #metals #stocks @BBGIntelligence