Don’t look now, but it appears as though everyone’s favorite sector, metals, is on the move in a major way:

Chart Courtesy: Finviz.com

(Disclaimer: Past performance is not necessarily indicative to futures results.)

All metals for the day are at least up 2% with Silver, Platinum, and Copper all up 3%, and so called “Dr. Copper” breaking out to multi-week highs (although it seems Copper has been running quite a bit different from the stock market of late). Reuters claims a combination of a weak dollar, and China gobbling up the supply in the Copper market, is to thank:

“China is the world’s largest copper consumer, accounting for around 40 percent of global refined demand.

Data showed China’s imports of copper rose 8.1 percent to 410,680 tonnes in July from 379,951 tonnes in the previous month.”

Of course, Gold is still down -30% from its highs, Silver down -59%, and Copper down -33%, meaning this could be just a ‘dead cat bounce’: