Well, stockpiles of copper are currently quite high. That tells me that the price will probably go up soon. I've noticed that after the Chinese warehouses fill up the price is then allowed to rise. Then we get some bad economic data, it drops, and the buying begins.

Here from the Globe this morning: The sluggish global recovery and worries about Chinese raw materials demand have pushed Thomson Reuters’s U.K. Metal & Mining Index down 28 per cent from its first quarter peak, and almost 40 per cent from its post-crisis 2011 high. Commodity bulls are pinning hopes on more aggressive Chinese stimulus, which there’s good reason to expect given the weakness of recent data. But Beijing may struggle to revive the building boom that has fed the super-cycle.

An almost meaningless commentary really. Except now Chinese stimulus can be safely announced without the markets going crazy. What a racket.