Global X Copper Miners (COPX) found support twice at the 200-week MA.

While the midterm elections are next week, there was massive speculation about China loosening COVID-19 restrictions.

Additionally, with a lack of global copper inventories, metals and miners erupted on Friday.

Global X Copper Miners (COPX) found significant support twice at the 200-week moving average. COPX sold off at critical support in early July, retested the summer lows in early October, and formed a double bottom.

COPX also displayed strong momentum on the Real Motion Indicator over the last several weeks.

So, what does this mean for investors, copper prices, and, by extension, copper miners' share prices?

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The doctor is back—Doctor Copper, that is.

This metal has a Ph.D. in its forecasting ability and as a leading indicator of inflation and expansion.

COPX leading is also significant because copper miners tend to lead the price of copper first, adding weight to our belief that there is a sequence of events unfolding in the commodity Supercycle.

According to conventional thinking, a thriving economy will see extensive development of homes, offices, factories, warehouses, and retail, fueling demand for copper, a vital construction component.

However, it is possible that the electrification of everything like EVs that need an enormous amount of copper will supersede any slowdown in the aforementioned areas.

Copper prices should continue to rebound as global inventories have plummeted.

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