“Dr. Copper” seems to be telling us something:

“Copper dropped sharply Monday as the general sour mood about Europe and the global economic rebound was heightened by news of rising copper inventories.

Copper for July delivery lost 20 cents, or 6.5%, to $2.93 a pound on Comex. That’s the lowest price for a most-active contract since early February.

The LME reported Monday a rise in copper stocks in South Korea, the first in that country since January, applying further pressure on prices, analysts at Commerzbank said in a report.”