Copper’s rally since mid-June may look impressive on the hourly chart, but take a look at this ‘weekly’ before you draw the wrong conclusions. To be sure, the bull market begun in the final days of 2008 is very much intact. But a corrective phase now well into its fourth year shows no sign of relenting. If and when that happens, the metal could be headed as high as $6 a pound, but for now it looks like sub-$3.50 prices are here to stay. Would would change my outlook? Very simply, a thrust exceeding the subtle 3.4525 ‘external’ peak recorded on the way down in April 2013. Copper is nonetheless a bull trade at the moment and would become a screaming spec ‘buy’ on a pullback from above the minor, 3.3200 peak shown.
