There is something odd about this chart.
Normally when the red dots go up (widening contango), the blue dots go down (lower copper price). Lately, copper deepened its contango, but the copper price didn't go down.
In a previous post I pointed out that you should be bullish on copper and stocks when the contango is high and peaks out. That is exactly what is happening now. Copper contango is highest since May 2012.
So if all goes well, we should see copper go up (together with stocks).
Chart 1: Copper Contango Vs. Copper Price