Copper U.S. High Grade Futures (188)

The price of copper paused for six months in the area of 130. It did the same thing again at 160, and here we are pushing 190. It would not surprise me if we backed and filled in the 190 area for now.

This does not detract from my view that we remain in a powerful long term uptrend.

In a recent blog comment on the CRB Index, I pointed out that this index is now at important 25-year high resistance level that should not be ignored. Copper and many other commodities will be influenced by what transpires as the CRB struggles with all-time high resistance.