I have been so used to commodities running like the bulls of Pamplona that I almost missed the following red flag in briefing.com this morning:

“Copper (132.40 -12.40) prices plummet the most in eight years as signs of slowing growth in China surface.”

It is of course far too early to call the top, but news like this usually helps remind folks how fickle the commodities markets can be. Typically, the players in these markets are always nervously looking out for the top of the economic cycle and run for the exits as soon as they get even a whiff of trouble. Indeed, I believe all sorts of commodities are selling off this morning…including my pet favorite gold. It is also too early to call a top because often times strong bull markets are marred by sharp, swift, and deep corrections (at least that’s what I heard somewhere…!)

Regardless, this is yet another signal to keep an eye on. The implications? For starters, slower growth in China relieves inflationary pressures on raw goods and will help keep the Fed at ease. The plot thickens!