The reversal...puts copper prices right back into the earlier consolidation zone, which undoes much of the rebound from last week.

Needless to say copper continues to defy gravity.

Plastics are being used instead of copper tube, aluminum is replacing copper conductors, steel/tin, plastics and glass are being used instead of aluminum packaging and plastics and different types of coated steel are being used instead of galvanized steel.

This is no doubt a bullish factor. Copper, lead and zinc are the three metals that are suffering supply disruption from strike action.

At these prices, the door is open for a permanent substitution of copper.

Supply isn't going up as much as demand so the prices of metal, especially that of copper and zinc, are going up.