It’s called Doctor Copper because you are meant to be able to tell the health of the global economy from the way it behaves.
And at the moment copper is looking pretty sick.
The price of the metal has fallen for two weeks in a row, and reached $6,376.25 a tonne, a low last touched in June 2010.
Analysts are blaming the decline, in part, on signs of weakness in the Chinese economy.
On Thursday of last week the latest batch of numbers out of Beijing showed industrial production grew at its slowest pace for more than four years during January and February.
Meanwhile, retail sales and investment were way lower than expected.
So demand has shrunk, and copper prices have been hit.
via BBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.