Chart of the day: Copper bottomed?

Global trading sentiment on copper may have risen for the first week in four, but prices are languishing at one-month lows. The question of whether prices have bottomed for now is anybody's guess. In London, three-month copper contracts traded on the London Metal Exchange seem to reflect the negativity detected in Marex Spectron's proprietary copper sentiment index, which tracks trading behaviour in London, New York and Shanghai. LME copper traders are now the world's most pessimistic. Although that might not last long, according to Guy Wolf, the head of market analytics at Marex Spectron, "the copper market remains one in which conviction appears hard to come by for traders. Sentiment continues to bounce between hopes for recovery and fear of further decline in the demand environment".