Sky-High Copper

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I don't trade futures, but I thought I'd share a couple of copper charts just to drive home the notion (which apparently no one believes) that this market is overbought. There are two flavors of these charts – one of them adjusted (that is, the price is adjusted for gaps that take place during rollovers), and the other not. Here they are, in that order:




For whatever reason, copper has a very strong correlation to equity markets, and it's pretty evident that the huge run-up in prices over the past two years in awfully long in the tooth.