Copper prices traded on the CMEGroup Exchange surged today as the market broke out of a 7-month trading range. Early indications are the move was tied to news that Chinese smelters agreed to cut production. China is the world leader in copper imports, and its smelters process half of the copper mined worldwide. Was this move a valid breakout to higher prices or a fake-out? China’s economy is struggling to grow. Currently, they are lowering interest rates to stimulate their economy. The economic downturn has caused China’s 30-year and 10-year yield differential to trade at their lowest level in…