Back in February widely followed strategist David Threlkeld told the desk copper was going to $1. At the time we thought he was being a tad dramatic. But now….we’re not so sure.

Although it closed higher on the day copper is currently trading near 8 month lows.

In the near term copper – which is widely seen as an economic barometer -- has traded off on fears Europe’s woes will drag down the global recovery.

But that’s not the worst of it.