Daily Report : Emerging markets are showing signs of momentum; Copper curve flips into backwardation

Emerging markets stocks have performed well lately, and indexes have broken away from their 200-day moving averages. Even so, less than 60% of stocks have managed to hold above their long-term averages, and there has been a jump in the number of them being overbought and spiking above their Bollinger Bands.; The spot price of copper has moved above the 3-month futures price, triggering backwardation. This is likely due to supply issues, but investors often believe it could also be due to a jump in economic demand. While it has not been a consistently good sign for copper itself, the stock market did have a tendency to rise after these episodes.

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