Current situation:

• The Producer Price Index for copper tube and fittings was up 1.5% month-over-month (up 5.3% in the last update), and was up 9.8% year-over-year (up 7.6% Y/Y last month). 

Key factors that could affect supply or price:

• Prices:  Currently trading at $3.08 lb. The average price was $3.02 over the past 30 days, the highest monthly average since June 2018. YTD copper reached its low point on March 23 ($2.10), since then it’s up 47%.
   
• Headlines:  Chinese demand pushes copper back to multi-year highs; Potential strikes by Chilean copper miners; Analysts are hoping for a new COVID stimulus relief package; each of these will have a positive effect on pricing.  On the negative side, miners are still negotiating which could avert a strike (no supply side issues) and Washington can't get on the same page on a stimulus bill which could dampen the economy.
   
• Watch the news: If all the headlines continue to pan out, then it's probably a positive signal. If not, proceed with caution.