Copper prices were working lower during most of December and in the absence of any bullish triggers we had been expecting that trend to continue.
But in late December, fund buying picked up aggressively, driving prices to a fresh multi-year high of $7,203/tonne. There was little fundamental justification for this and we should consider it a warning that speculators and investors feeling optimistic about another year of solid global economic growth may force prices to overshoot...