Critical Mineral Shockwaves

The ASX 200 saw further weakness this week, settling at the bottom of its range for the past month.

After six months of relentless rallying it feels like it is about time the market took a breather.

US stocks still look hot and have gone past 150 days without a 5% drawdown.

The long-term trend remains up, so any correction may be short lived and provide a buying opportunity for the bulls.

But as I point out in today’s Closing Bell there is a clear line in the sand below the market that we must keep an eye on.

A monthly close below that level will confirm a monthly sell pivot and a false break of the previous all-time high set in February.

That is when I will sit up and take notice.

There is still plenty going on in the markets to keep traders active.

Lithium and rare earth stocks continued their solid bounce after a three year bear market as the G7, and European Union considered creating a floor price for rare earths to counter China’s dominance.

Copper is also flying after force majeure was declared by Freeport-McMoran at Grasberg, their gold/copper mine in Indonesia.

They indicated that 2026 production at its Indonesian unit could potentially be about 35% lower than previous estimates.

Grasberg is the second largest source of copper in the world.

Chinese stocks have had a sharp jump in recent months. With the government running wartime 10% budget deficits, it looks like reflation is the name of the game at the moment.

The bull market is well and truly intact and perhaps we will start to see other commodities starting to run before long which can feed into a stronger Aussie dollar.

Charlie and I cover all of the above, so click on the video below if you are hunting for your next trade.

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