Copper had a big pullback on FOMC Thursday but will end another week with impressive gains. Keep your eye on China's Industrial Production data after the open next week. It could set the tone for another week of gains for Doctor Copper.
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Volume is coming back into the futures contract during this recent rally as well. A bullish sign.
Here's a look at copper (pink) vs crude on a daily chart.
Both commodities are reliant on both supply/demand. Much of copper's demand comes from China where as oil demand is more dependent on the US (to a lesser extent). Bottom line: As long as China's economy is doing well (not suffering like many others), then copper prices will be supported.