Copper charging higher
• Quiet start. Limited moves across most markets. US equities firmer. Long-end bond yields a touch higher, as is the USD.• Commodities. Copper hit a record as strong demand comes up against constrained supply. There are cyclical & structural forces at play.• AUD swings. After its positive run AUD slipped back slightly. Policy divergence, rising commodity prices, & buoyant equities suggest the AUD is undervalued. As is usually the case, it was a relatively quiet start to the new week across global markets. No major economic data was released which could shift the dial. On the speaker front, there were...