From the WSJ Market Beat:
(…) And the eagle eye Pierre LaPointe of Montreal-based brokerage Brockhouse Cooper spotlights a divergence in the copper charts that gives him pause. He writes in a note Thursday:
We note that lately, Chinese buyers of copper have not been as positive on copper in the rest of the world. The following chart shows that there is usually a close relationship between the price of copper in Shanghai (net of 17% VAT tax) and the LME price expressed in yuan. Such a divergence happened twice before, in 2007 and 2008 and signalled a ceiling in copper prices.
And from Chris Kimble: