. However, currently, PD, FCX, and copper are higher by roughly equal percentages, which indicate a pullback in copper is already partially discounted by PD and FCX.

FCX reports earnings Tue. L

The chart below is a three-year weekly comparison chart of the Price of Copper (candlesticks and right scale), PD (dashed pink line and left scale), and FCX (dashed green line). PD and FCX are two of the largest three copper producers (along with PCU). Last week, copper traded almost entirely above its weekly upper Bollinger Band and closed above 280 cents a pound Fri. Moreover, both the weekly RSI and ULT closed above 80. Furthermore, the weekly MACD and CCI are at extreme levels.

The chart shows copper traded well above its upper Bollinger Bands only twice before over the current bull market, i.e. in the first quarter of 2004 and in the fourth quarter of 2004. Both times copper fell sharply. Also, over the past three years, PD and FCX have risen by higher percentages than copper. However, currently, PD, FCX, and copper are higher by roughly equal percentages, which indicate a pullback in copper is already partially discounted by PD and FCX.

FCX reports earnings Tue. La

the largest three copper producers (along with PCU). Last week, copper traded almost entirely above its weekly upper Bollinger Band and closed above 280 cents a pound Fri. Moreover, both the weekly RSI and ULT closed above 80. Furthermore, the weekly MACD and CCI are at extreme levels.

The chart shows copper traded well above its upper Bollinger Bands only twice before over the current bull market, i.e. in the first quarter of 2004 and in the fourth quarter of 2004. Both times copper fell sharply. Also, over the past three years, PD and FCX have risen by higher percentages than copper. However, currently, PD, FCX, and copper are higher by roughly equal percentages, which indicate a pullback in copper is already partially discounted by PD and FCX.

FCX reports earnings Tue. L

RSI and ULT closed above 80. Furthermore, the weekly MACD and CCI are at extreme levels.

The chart shows copper traded well above its upper Bollinger Bands only twice before over the current bull market, i.e. in the first quarter of 2004 and in the fourth quarter of 2004. Both times copper fell sharply. Also, over the past three years, PD and FCX have risen by higher percentages than copper. However, currently, PD, FCX, and copper are higher by roughly equal percentages, which indicate a pullback in copper is already partially discounted by PD and FCX.

FCX reports earnings Tue. L

l market, i.e. in the first quarter of 2004 and in the fourth quarter of 2004. Both times copper fell sharply. Also, over the past three years, PD and FCX have risen by higher percentages than copper. However, currently, PD, FCX, and copper are higher by roughly equal percentages, which indicate a pullback in copper is already partially discounted by PD and FCX.

FCX reports earnings Tue. L

. However, currently, PD, FCX, and copper are higher by roughly equal percentages, which indicate a pullback in copper is already partially discounted by PD and FCX.

FCX reports earnings Tue. Last quarter, FCX beat earnings expectations by 43 cents. After an initial five point bounce to over 60, it eventually rose to 65, and a month later fell to 50. FCX is at a double top around 65. PD paid a $5 per share special dividend in Dec and announced another $2 special dividend in early Apr. Copper has risen from 200 to 280 cents per pound over the past 3 1/2 months with mean prices of about 190 in the fourth quarter and over 220 in the first quarter. One analyst noted for every penny per pound rise in copper, PD earnings rise 8 cents per share (annually).

Given the severely overbought level of copper, either a volatile consolidation or a large correction will take place soon. Normally, PD and FCX are more volatile than copper. However, PD, FCX, and copper may move by roughly t