Campines insightHere is an excerpt from a Stockhouse article on Metals. We already new this thanks to Campine.
"Copper earlier touched a two-month high of $6,374, a gain of more than 17 percent since a nine-month low of $5,250 at the start of February. It was last quoted at $6,315/6,325 from $6,306.
Prices have been trending upwards since early February, with buying fueled by expectations that China's State Reserves Bureau will build up its depleted stockpiles.
Some recent gains are due to a break through key resistance levels, which sparked buying by hedge funds that trade on buy-or-sell signals from black-box trading models.
But Monday the biggest impetus was buying from Shanghai, where copper futures rose by their 4 percent limit when the market reopened after the Lunar New Year holidays.
When the price limit is hit, Shanghai traders use the London Metal Exchange as an alternative.
"A lot of the price activity at the end of last week was predicated on the belief there would be some Chinese short covering when they came back," Kemp said."