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Has Dr. Copper anything to add to the picture? Not at the moment. If however copper breaks out of this wide range, then yes, it is providing a diagnosis of the world economy. At the moment it is simply trading noise. There is no signal.

I would imagine that it remains in the range. Economic growth is in real terms non-existent. In nominal terms, even with the world-wide credit creation from the central banks, tepid at best.

Having said that, absent another financial meltdown, the nominal growth through pure inflation will continue. At some point the inflation will start to slow, and that is where we will see the financial markets react. Until then, commodities will languish, equity will rise and bonds will fall.

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