I just reviewed Monday's data and the volatility in metals remains crazy. Copper prices dropped about 1.3% at the open, but the most interesting activity is happening in aluminum, which rose 0.9% while the spread on the LME is skyrocketing.

What caught my attention is that spread between spot and three-month futures: it increased 37% since Friday and is now at $91.50 per ton, the highest level since 2007. This means buyers are desperate to get immediate metal because they don't know where else to find supplies. All of this due to tensions in the Middle East that have been ongoing for six weeks, now compounded by Trump's statements about the Strait of Hormuz.

Basically, copper prices are under pressure, but aluminum is showing clearer signs of stress in the physical market. When you see numbers like those in the spread, you know things are serious. Copper prices will probably remain volatile until geopolitical uncertainty is resolved.