COPPER OVER SOCCER

 Copper prices are still down 6% so far this year.

But that may be changing as concerns about the China slowdown appear to be waning. Investors will find out more tomorrow when China's PMI  gets released. Other possible reports set for this week--also on Tuesday--is the U.S. ISM followed by Thursday's Bureau of Labor Statistics release of its Employment Situation where some economists are expecting a fifth straight month of good news on the job growth side.

As for copper it's partially been in a funk owing to concerns about Chinese copper financial shenanigans usually described in a kinder, gentler term, irregularities, a sort of a business or MSM invented variation of suspect of interest.  

In short, using copper as collateral for loans could skew the real demand picture and create major problems if true and anything goes awry, not that they ever do in the economic world of international finance. Phony loans of the stuff disturb the supply and demand curve. A weaker dollar may also be contributing to the new found better feeling about copper.

At any rate, copper jumped up 1% in two hours this morning pushing the metal to its highest price in over 90 days. If a couple of those reports bring good cheer, it will back the Fed further into a decision corner it's been trying to avoid for months.

At the risk of creating some enemies, it may be fun to be a fan, unless, of course, your team doesn't win, so forget soccer balls for the nonce and keep your eye on copper spools.