Traders call copper "Dr. Copper" because he has a Ph.D in economics. In fact, most of the time, Dr. Copper forecasts recessions and recoveries, inflation and deflation, far more accurately than his colleagues in the "dismal science," so it pays to pay attention to his macroeconomic messages.
Over the past decade, the metal has been consolidating above long-term support. Last year saw copper prices fall to test the uptrend line that constitutes the lower half of a long-term pennant pattern and then rebound. At this point, the coil is getting pretty tight. Now copper prices