The last time that Copper's (HG) Average True Range of each month remained elevated at extreme levels for an extended period of time (from mid-2006 to April 2008), it eventually lost over 50% of its value, as shown on the following monthly chart.

The ATR is shown in histogram format with an input value of one period, to illustrate prior reversal points, or points at which price stalled and consolidated.

It's been consolidating inside a large range between 4.00 and 4.90 since March 2021, following an extreme spike the month before...and the ATR has been generally declining since then.

Failure to break and hold above 4.90 on steadily increasing ATR numbers could see it plummet below 4.00 to around 3.00, or even 2.50.

So, we may see an extreme ATR spike form, if price retests or overshoots 4.9 to, possibly, signal the next reversal point...one clue worth monitoring over the coming months.

In conclusion, I'd say that Dr. Copper may be tired and becoming anemic...and may be ready to look for lower ground on which to sleep for awhile...particularly, since it's doubtful that the global supply chain issue is going to be resolved any time soon.