On 2nd December I pointed out that we are in the 5th of the Fifth wave in Copper and that we are likley to see the peak between 417 and 448. There is no change in that outlook for Copper. (On 8th December I posted a short-term chart from a different provider showing a 5-wave decline. Unfortunately, I have a feeling that there might be something wrong in that chart, because today’s image shows a 3-wave decline, which explains why we went up again to a new high). Anyway, in the big picture, we are still calling a top in the window mentioned above.
Copper has been strong because of demand from China. Lack of action on the interest rate front from China was also supporting copper prices, just as Gold hit a new record level. Many analysts are citing anticipated supply deficits next year as a reason why copper should remain firm. HOwever, be aware that the markets tend to discount such news and maybe all this is getting reflected in current prices. We shall see soon enough.
By the way, I have put back the links for free subscription by email and RSS reader at the top of this page. You may wish to alert your friends about this. Best wishes. Ramki