Copper Price in Neutral Territory, Though Slightly Negative

Historically, when the copper contango is high (red chart tops out), then we have a bottom in the copper price (blue chart bottoms out).

We see that the red chart has already topped out and the copper bottom is in. The problem now is, we are in neutral territory. We are slightly in backwardation which makes me less bullish on copper.

Not much action in CFTC report, pretty neutral.

But on the COMEX, the copper stock level is rising again pointing to a move to contango, which could mean that the copper price will go down. This is why I sold my copper equities a few days ago. Right at the top. The copper miners weren't doing well recently.