Outlook for copper

Copper has been beaten like a red headed step child lately, falling below the $4/lb mark. The chart hasn't been pretty.

Today we saw strength in the good Doctor, as it finished up 2 cents. I'm not ready by any means to call a bottom in copper, but the early morning strength indicated buyers were willing to step in at these levels.

My best guess? We bounce around for a while around this level, before moving higher. It looks like China is intent on keeping inflation for the time being. China can't afford to let growth slow too much because of the amount of people in poverty there.

Don't think we see any conviction one way or another for a while though.