When I look back into oil and copper price chart. Two things strike me, copper hitting all time high last year, it even surpassed the 2008 high though the fundamentals are significantly weaker than 2008.
The oil price is certainly looks like north bound but the fundamental of today is again considerably weaker.
Feb. 10 (Bloomberg) -- The International Energy Agency cut its 2012 global oil demand forecast for a sixth month as a “darkening” economic outlook reduced prospects for growth amid supply concern following sanctions on Iranian crude.
Worldwide crude consumption will increase by 800,000 barrels a day to 89.9 million barrels, from 89.1 million last year, the IEA predicted in its monthly oil market report today. That’s 300,000 less than its previous estimate. The agency cut its forecast after a “sharp deterioration” of economic growth projections by the International Monetary Fund last month to 3.3 percent from a September forecast of 4 percent.
It's all about guts and momentum now. It's all about swimming with the tides but beware if you do not wear any cover. A paparazzi has a camera waiting for you when the tides are out.