I think the last thing holding up prices are the workers at the Chilean copper mine of Codelco threatening a strike. The want more bonuses because the company is making tons of money with the dramatic increase in copper prices. If this ends you will see copper drop fairly hare. Since the story of the copper fiasco in China came out, the country announced it had 4 times the amount expected in their reserves. Now it makes sense why they were so short. Some people think production is peaking, others think the market is a bubble market. I think the last few trading sessions were short covering and the last day of trading was more indicative of what is coming. I don’t predict a free fall but copper was up 40% last year and I can see a drop of 20% coming before the end of the year. Here is an article on the bearish view of copper

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