Another Copper!

To follow-up on yesterday's note about the recent strength in copper and its potential to become much more relevant again, both the copper metal and copper miners like FCX are surging again today. 

Freeport, a premier copper miner, is clearing multi-month resistance here which, once again, smacks of something beyond a mere short squeeze to keep shorts honest. Instead, this move in copper has the potential to hint at a new and shocking inflationary cycle. 

With this in mind, Southern Copper is another idea in the copper complex. 

SCCO has "catch-up" potential to FCX today, as it attempts to attack upside resistance of its own. 

Moreover, as the SCCO monthly chart illustrates, below, Southern has been marking time sideway for many years now. If bears were going to crash and burn this thing down to the 2008 crash lows they have had ample time to do so. 

Thus, if bulls can now clear $30 to the upside it will only reinforce the idea of a fresh breakout emerging in copper and its miners just when the majority of market players and pundits had all but given up on the metal as having become marginalized if not outright obsolete as a global economic indicator.