Copper has had a rather unspectacular performance in 2012.
In February, September and December copper made consecutive lower highs. This is a very bearish picture for the long term.
In case the price of the metal falls below 340 (currently at 357.5) the bearish picture will deteriorate, as this will be the exit of price from the large symmetrical triangle forming in the last 3 years, as well as a lower low after a lower high.
On a daily basis, all my metrics show a very bearish picture, which has become even more obvious in the last 3-4 days.
The only way for copper to become a “Buy” is price rising above 385 (September high) and 400 (February high).
We remain short copper futures and also sell on rallies.