http://www.safehaven.com/article/44708/is-copper-signalling-inflation-or-higher-stock-market-prices

Plus this from the above link.

"Last but not least, the velocity of M2 money stock continues to trend downwards. Inflation will remain a non-issue until it starts to trend upwards. We also have a plethora of deflationary factors to consider, grocery wars that will escalate now with Amazon’s purchase of Whole Foods, automation and AI, etc."

Adding to the above, the spot price of copper in recent days has been relatively flat, with other base metals still trending higher, though at a slower pace than earlier in the year.  Note that the summer doldrums in mining stocks this year have not met the usual expectation of slowness.  As fall is the traditional recovery period, there is no reason to expect a  slowing or reversal in base metals now, with perhaps the exception of copper.  Precious metals are proded by other sticks.