For generations the market for copper has been one of the best bellwethers of the direction of the global economy. More recently other indicators, such as silicon chip sales have become popular, but copper remains important. It presages construction plans, auto manufacturing expectations and capital equipment demand. Lately Mr. Copper has been looking a little tired. In fact more contracts are being bought in anticipation of a decline in copper pricing than rising.
For all the babble over massaged retail sales figures on Black Friday and the firehose liquidity injections to European Banks the 30,000 ft view is flashing warning. Forewarned is forearmed.
