Doctor Copper Intact, Even Bullish; But No Macro Prescription Yet

Doctor Copper had a bad day yesterday, along with other commodities (and precious metals). This morning finds him holding the 50 day average on the futures and nicely green. Still no big bull macro signal yet, however (click charts for larger, clearer view).

copper

That would come if Doc gets above $3/lb. and holds it. Note the nice looking RSI trend and positive MACD on the weekly chart.

copper

And the monthly reminds us again about just how important $3/lb. is. Here too RSI and MACD look good.

copper

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