The Comex copper futures market this week hit a record high of $5.1990 a pound but has since backed off. However, a price uptrend is still in place on the daily bar chart for July copper futures. Tighter global copper supplies, improving world economic growth, copper smelter issues in China, as well as rampant market speculation that includes a purported “short-squeeze” in Comex copper futures, have all driven the red industrial metal’s price sharply higher. Copper’s nickname is “Dr. Copper” because the metal is so important in the global construction industry and can be a predictor of future economic and raw commodity price trends. Higher global demand for copper at present suggests better world economic growth prospects. That’s bullish for stock markets and for other raw commodity markets, including the agricultural markets. Stay tuned!