This is what I've been trying to tell you about copper

But now somebody serious is saying it, you might start to believe. From Bloomberg today, some trader dude named Frank Zhou:

"There has reemerged a lot of appetite for London copper these days,'' Zhou said over the phone. "Demand from these inquiring buyers is quite inelastic as they are users, not speculators.''

As for the stocks to play, although I'm doing fine with the PCU trading block purchase yesterday, there's not much doubt that I picked the wrong horse and FCX was the better trade.

So be it. But a win is a win, and anytime you can squeeze out a profit in this market is a time to be content. FWIW I think there's more short-term upside in PCU and i'm not letting go yet. Spot copper holding (or not) is the ST momentum key.

Meanwhile check out the continued upside on Zn. If I've made you think zinc recently, think BWR.to, too. We sold well last time, and it's sunk way way down on renewed speculation that it'll have to mothball some operations. If zinc puts in a sustained rally, this level is a nailed on long trade.

UPDATE: When Copper sank to $3.48 I took the $24 ofered on PCU. A small trading profit, nothing serious. Cash remains king here, but the base metals complex (though fading today) does look much perkier than just a week ago.