Newsletter writer Dennis Gartman looks for copper to test support around $4 a pound. He says in The Gartman Letter that a Comex copper chart “looks more and more bearish with each passing day.” Since the high from early February, each significant new high and low has been lower. “Further, the recent ‘rally’ from just below $3.90/lb in mid-May to $4.20 very early this month has the appearance of nothing more than a technical correction, for it has been done on progressively falling open interest and on weak and weakening volume,” he says. He cites the softer Chinese copper import data as well as technical weakness in other base metals, with tin falling below moving averages and nickel below an upward sloping trendline.