China attempting to purge speculators in the commodity trading area... http://www.bloomberg.com/news/2011-07-01/commodity-futures-trade-plummets-30-in-first-half-on-speculation-curbs.html

Funds reducing commodity positions...
http://www.bloomberg.com/news/2011-07-03/funds-slash-bullish-commodity-bets-to-one-year-low-on-slow-growth-outlook.html

Here is one of the more useful sites for commodities IMO... http://www.ino.com/

Oil
Copper
Gold
then Silver...
most else shall follow is my call....

Oil is our Canary,( http://finviz.com/futures_charts.ashx?t=CL&p=m5 ) Copper is our chalk outline on the sidewalk,and Gold is our .44 pitched into the adjacent canal...everything else is our outcome...

Oil goes sub $85 USD$, Copper sub $4.00 USD$/lb.,(  http://www.kitcometals.com/charts/copper_historical.html ),  Gold $1300ish/oz. and Silver $25.00/oz., many other commodities will get hit also...QE3,will be late to the party...this will be one ugly summer IMO...

http://quotes.ino.com/chart/index.html?s=NYBOT_CR&t=&a=&w=&v=d12

I am still long Gold,looking to add both Silver and Oil positions ahead,September and October 2011...runaway in May, held true once again.

GLTA in the commodity arena,

Magnum

PS "no I'm not buying the China' myths or mirage,south we go...propaganda on both sides is out of control IMO...protect yourself and move accordingly when given the chance...wait for lower prices is my call".

PSS,circumventing USD$ valuations, many commodities are not as strong as the appear,please do your DD folks.

Seek professional trading help and/or an advisor,the above is my opinion(s) and trading thoughts.