11 October 2023 – 09:12 Central Euro Time

Copper is the sole BEGOS Market at present outside (above) its Neutral Zone; session volatility is light. As tweeted (@deMeadvillePro) last night, the Spoo did confirm its “Baby Blues” (see Market Trends) moving above the key -80% axis, inferring high price levels: structurally there appears room to move near-term to 4500 (present price is 4393); ‘course as we regularly cite, fundamentally the S&P remains significantly overvalued, its “live” P/E at 38.8x. Gold has (yet) not returned to its pre-Middle East event level of the 1830s: typically such price retrenchments occur following geo-political price-spikes; current price is 1877. The Econ Baro looks to September’s PPI and the month’s Treasury Budget; late in the session we’ve the minutes from the FOMC’s 19-20 September meeting.