Although copper prices have more than tripled since the end of 2008, the $3.97 area has been a reliable weekly closing pivot going all the way back to 2006.
Copper is lower today after the China data showed growth in first quarter was lowest in almost three years. May Copper holding below the closing pivot pt of 3.72 keeps the overall theme negative.
Quarterly expiration today is almost always to the buy side. It will be interesting to see if equities can continue to climb after expiration with the sharp move in treasuries this week.
