In trying to figure out why Philex has behaved in such bizarre manner, your analyst stumbled on a paragon that appears to resemble its present comport. Philex’s major product Copper has likewise done an equally breathtaking stunt! A historical record run out of severe fundamental imbalances....
Figure 2: Copper Prices courtesy of stockcharts.com
Notice that while copper has consolidated sometime February, Philex, after having peaked in January, has basically mimicked its moves with both breaking out of the area of indecision by March to carve fresh record heights.
In short, Philex has been priced by the market, thus far, as a proxy to copper such that for as long as copper continues to defy gravity, outperformance from the Philex can be expected should the correlation persist. As the illustrious John Maynard Keynes once said, the market can remain irrational longer than you can remain solvent. 
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