Copper Contango still widening

As I pointed out earlier, copper is going to brace itself for a big move upwards. This week's contango report still confirms the uptrend.

I still think this is the case because the copper contango is still widening with a rising copper price. If the copper contango turns to backwardation, we should see the copper price spike upwards.

Chart 1: Copper Contango Vs. Copper Price