Copper Volatility Flags 2008-Like Risks for Stocks The last time annual volatility in copper futures (HG1) fell from an extreme similar to 1H's vs. stocks was 2007. In 2008, HG1 declined 54% and the Invesco QQQ Trust Series 1 (QQQ) fell 42%. Will it be different? Very low stock-market volatility mean-reverted about two decades ago, and this time it's surging volatility in copper and metals that could spill over to stocks. Trump administration policies have buoyed precious metals, cryptos and HG1, and ballooned CME-related inventories to about 4x the five-year average -- a record. Bitcoin, gold and silver appear to have peaked. Is copper next? The Democratic sweep in the midterms may signal a shift against policies that boosted metals prices. I see copper as tethered to stocks and it could continue to rise if QQQ does, but with elevated mean-reversion risk that may mirror 2008. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/toa6l8kgifpw {BI COMD} #copper #Stocks @BBGIntelligence