Copper is up 135% from its lows of last year. It's up 378% from its lows of 2001, when tight monetary policy and a recession weighed heavily on the prices of virtually all commodity prices. What a difference a few years—and radically different monetary policies—can make! Copper prices are strongly suggesting that not only is the global economy recovering, but monetary policy is accommodative and potentially inflationary.
Interestingly, despite the strong recovery and inflation messages (e.g., gold pushing through the $1000 barrier) emanating from the commodity markets, Treasury yields remain at levels that suggest the outlook for growth and inflation is dismal. This dichotomy is undoubtedly one of the more interesting developments in the market today. More to come on this subject.