‘Doc’ Copper looks bound for a long slog through purgatory, based on the recent failure of the March contract to push above the 3.4295 ‘external’ peak labeled in the chart. This is chicken-hearted action, and it suggests that the uptrend begun last summer from just above $3 is not destined for anything special, let alone greatness. To the extent that copper is a reliable predictor of economic activity, we might infer that the global economy will remain subdued for the foreseeable future.
