We have been watching Copper closely, as a continuing indicator of commodity price deflation. Overall, we expect the CRB index to drop by a further 50% from current levels over the next two years. Copper shows a picture consistent with this view, with a long-term target of 1200, i.e. a new low below that of 2008. Short term, the lateral trading range between 2300 and 1980 is about to break downwards once the 2090 level is broken. This will lead to the next thrust down towards the 1700/1800 zone.