Copper is still staying within the old boring consolidated range. It's mainly resulted from the slow China demand and economic slowdown in Europe. There's been an absence of near term purchases with weak SHFE-LME differentials. The weak copper purchase was affected mainly by slow Chinese economic activity. March HSBC China PMI was released and indicated that factory activity shrink for the fifth month. There are some bullish signs for copper though. Copper production fell in Peru and Russia during February. Also, report suggested that there's increased usage of copper for the energy/ electricity sector in China. Lastly, Goldman Sachs is shifting its recommendation for copper from overweight to neutral, recommending investors to reduce their copper positions. With the unpredictable copper fundamentals, it is advised to stay away from this product.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.