The Long-term Downtrend in Copper is Quietly Reasserting Itself

Copper, the so called metal with a PhD in economics, seems to be rolling over again at the long-term downtrend line that began in early 2011. The price of copper jumped from $2.95/lbs to about $3.29/lbs between March and July of this year, which was taken as a sign that global growth might be rebounding. Instead, copper prices have taken a turn lower, in part due to the stronger USD. In any case, we haven't seen a bullish signal from the sagacious metal since 2009-2010.