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Copper futures have found their footing after a sharp tariff-related decline in late July. The weekly cloud model, near $4.60 per pound, has bolstered price over the past several weeks and our indicators are improving. The weekly stochastics have their first oversold upturn since January in a bullish intermediate-term catalyst for copper, and the weekly MACD histogram has four consecutive upticks to suggest momentum is improving. Fibonacci resistance levels are $4.93 per pound and $5.30 per pound. Copper miners like Southern Copper (SCCO) stand to benefit from a rise in copper prices. SCCO has reversed a cyclical downtrend with a decisive breakout above the weekly cloud model (shaded area in the chart). The breakout is associated with an acceleration in intermediate-term momentum, supporting upside follow-through towards final resistance near $130. Overbought conditions are a reflection of upside momentum. The emerging cyclical bull trend for SCCO is within the context of a secular uptrend that began off the 2020 low. Long-term momentum is notably improved with the monthly MACD on the verge of a ‘buy’ signal. Should SCCO clear final resistance, it would target a long-term measured move projection of ~$162. Relative to the S & P 500 , SCCO has a secular turnaround phase underway, which suggests the stock has a good chance of becoming a long-term outperformer. The ratio recently hit a new year-to-date high and cleared its 12-month moving average in a positive long-term catalyst, establishing a higher low relative to 2022. In conclusion, the long-term breakout in SCCO and rebound in copper prices supports adding long exposure in an anticipation of a breakout to new highs. Prices for SCCO are split-adjusted with no back-adjustment for cash dividends. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: None. 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