There are the charts that stand out to us this morning:

Copper:  Today is all about oil as a combination of some producer bankruptcies, and a merger in the pas production space, a Goldman upgrade and follow through from last week’s rig count numbers drive Brent to fresh highs.  So why a chart about Copper?

CopperOil is the headline grabber but copper is more a story of recovery in demand meets some definite supply issues, meets a chart that has taken longer to put in a base but suddenly there is a level that looks defendable.

As we stare at the chart of the front contract of Copper we can see the yellow metal carving out a 2.05 base.  Its arguable this process began last August with other core commodities and settled into the level in November, eventually overshooting in January with other markets at the bottom on January 19-21st.

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