Having mirrored the rise and fall in bond yields from November, as the so-called reflation trade peaked and troughed, the relationship between copper and Treasuries broke down last month. There is no sign yet “Dr. Copper” is being affected by the decrease in growth expectations implied by the fall in yields. This divergence could relate to Chinese speculation in commodity markets as domestic liquidity continues to seek a home, according to Chris Watling, chief strategist at Longview Economics, an independent research firm.
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But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system.