The divergence between the strength of the prices of equities and the weakness of the prices of industrial metals, including copper, does not necessarily tell us anything new about the sustainability of the stock market rally or the health of the global economy. There are many different factors could drive a wedge between the performances of equities and particular commodities, and some of them might actually be benign. Nonetheless, the persistent weakness of industrial metals is at least consistent with more direct evidence of the fragility and unevenness of the recovery in economic activity.
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