Here  , two years ago, I offered a bearish view on copper and copper producers. Free Port Mc Moran appeared to be a perfect candidate for a short sale. Indeed, copper stoks crushed  for real next year  and has been falling down up untill recently. Prices could fall even lower, but current juncture is a good moment to cover shorts and walk away with huge profit. It looks like no bulls in copper pits nowdays.

Three month ago, (see my post on 20th March) I wrote on pattern-perspectives of the copper prices, and assumed the probable target below 3.00. Yesterday market reached the stipulated target. I think much more downside  is possible in coming weeks/month.

Copper producers reflect the inherent weakness of the commodity, and there is a breakout of a massive topping pattern confirmed yesterday  in FreeportMcMoran shares. 


 

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Copper (HG) needs a daily close  9th November low of 340.30 (continuation contract chart) in order to reconfirm bearish case (with targets well below 300). Exchange stocks (inventories) at LME are at elevated levels. That's bearish backdrop, ceteris paribus.
 

PhD in Macroeconomics is foretelling some nasty things to come soon:)                        Copper weekly demonstrates a good example of classic chart patterns (while I don't use  classic chart pattern — set-ups, it still represents impotant information for general market perspective. Smart-money are probably selling copper into this now. Providing there will be no daily closing above 355 (on continuation chart) — price will likely slide down to some lofty targets below 300.