Copper's strength
Copper has rallied significantly since its lows in March, perhaps due to encouraging signs that the global economy is rebounding. The strong rally has pushed copper's 14 day RSI to the highest level in years:
When copper was this overbought in the past, it wasn't a strong bearish factor on any time frame. On the contrary, this led to more bullish-than-random returns for copper over the next few weeks and months. "Eventually" there was a pullback/correction, but it's hard to pinpoint where exactly that pullback/correction began.
Copper's rally is often interpreted as an encouraging sign for the economy ("Dr. Copper"), and perhaps there is some merit to this idea. Strong momentum in copper usually led to more gains for the S&P 500 over the next 6-12 months:
As for the CRB commodities index as a whole, this could lead to a short term pullback, but overall wasn't a strong bearish factor for commodities: