I just checked the movements at the London Metal Exchange and things are quite active. The copper price dropped about 1.3% last Monday, while aluminum went up a bit. The interesting thing is what's happening with the aluminum spreads, which widened significantly compared to the previous Friday.

Buyers are desperately seeking metal for immediate delivery, so the spread between spot and three-month contracts shot up to $91.50 per ton. This is the highest level we've seen since 2007, which says a lot about the current pressure in the market. All of this while Trump continues making statements about blocking the Strait of Hormuz, which obviously adds more chaos to a market that has already been in conflict in the Middle East for six weeks.

Basically, the copper and other metal prices are at a breaking point. The aluminum spread numbers suggest there is a real shortage of immediate supply, and that’s what traders like me are closely watching these days.