Nickel is down 26% since February and the lowest since May 2009.

Nickel weekly chart June 21, 2013

Copper is down 19% since February and yesterday hit the lowest since August 2011.

copper daily

Aluminum down 17% since February and at the lowest since August 2009.

Aluminum weekly chart June 21, 2013

Oftentimes supply issues can skew some of the base metals but when they all point in the same direction and hit long term lows, it’s a major warning sign for the global economy.

The headline story is the Fed but these drops have almost nothing to do with tapering (although USD strength weighs). The story is slowing/stalling growth in emerging markets. The Australian dollar has been punished for the past month but it could have much farther to go.