Copper just made an all time 3 month high at $3.72/lb since late September 2012. It went up 6% in just one day on positive PMI from the UK, Korea, China, Taiwan and India. All of the PMI's are above 50 which indicates expansion in GDP growth. Meanwhile, U.S. bonds fell off a cliff to 1.84% yield on the 10 year treasuries. It's not long now before we will see an increase in the velocity of money and come into an inflationary period.
The rise in copper price also proves that the contango theory is valid.
But rest assured, there is much more to come in the following months as today's contango report for copper indicates that contango is still very high and hasn't dropped yet to backwardation, so I expect a further increase in the copper price.