It's hard to pinpoint what the reasons behind yesterday's price surge were.
There is some understandable nervousness about today's copper-stock increase.
We think that major moves ... should be held in check, as low volumes suggest that many people are either away, or uninterested in initiating new positions.
The prolonged drama probably explains why markets have not done much of anything in response to the news. Participants have perhaps concluded that things will take a lot longer to come to a head -- if they do at all.
New money may not enter the markets with the same vigor as has been the case in the past, especially if growth in the U.S. shows signs of slowing on the back of steadily rising interest rates.
Although details have yet to emerge (prompting the White House to withhold comment) energy bulls are undoubtedly fretting.
The Iranian situation remains on top of the heap in terms of market concerns.
A test of $6,000 now looks like it is around the corner.
We maintain our general view that these markets have to be given some respect given the fact that we still have sizeable outages going into Q4.
The copper rally has surprised us all, even the die-hard bulls among us.