Source: Financial Times, 10th March 2011

It should come as no surprise that the strong, positive correlation between the world's two leading industrial commodities has broken down over the past month. Oil has surged 15 per cent on supply concerns while copper is off 9 per cent from the record high of $10,190 a tonne it hit in London trading in part due to fears of what dearer and scarcer crude might do to the world economy. But developments in the Middle Kingdom, not just the Middle East, are affecting copper prices.