The chart compares Copper (brown) and 
USOIL (blue) — two of the most cyclical commodities, both highly sensitive to global growth.
Historically, they tend to move in tandem: when economic momentum improves, both rise; when demand weakens, both fall.
But today we see an unusual divergence —
-Copper holding near multi-year highs, supported by structural deficits and energy transition demand.
-Oil trading below $60, its lowest since 2021, signaling cyclical slowdown and weak liquidity.
This gap rarely lasts long. Either copper is too optimistic, or oil is too pessimistic — one of them is likely “lying.”
Which one will be right this time?
USOIL (blue) — two of the most cyclical commodities, both highly sensitive to global growth.Historically, they tend to move in tandem: when economic momentum improves, both rise; when demand weakens, both fall.
But today we see an unusual divergence —
-Copper holding near multi-year highs, supported by structural deficits and energy transition demand.
-Oil trading below $60, its lowest since 2021, signaling cyclical slowdown and weak liquidity.
This gap rarely lasts long. Either copper is too optimistic, or oil is too pessimistic — one of them is likely “lying.”
Which one will be right this time?
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.