Copper Prices Breakdown And China

When Chinese banks start calling in margins with their lending to Chinese speculators' enormous physical stock holding, copper prices will collapse:-


If you subscribe to the belief that copper is a good leading indicator for global growth (and by extension risk assets like stocks), then you may be a bit disconcerted by this break below the flag pattern for the industrial metal.

Here's the chart :


Is copper still important?  Can we trust any of the "official" demand numbers out of China given how ridiculously opaque their warehousing and usage stats are?  Does copper mean anything in terms of US stocks anymore?