Copper is amongst the most actively traded commodities worldwide, and is a vital piece of global economic growth. It is a crucial commodity in major industries like construction, power generation & transmission, transportation, and technology.
Copper’s price per pound as of July 11th reached a low of $3.23, down from its historic high of $4.94 in late February of this year, which is a drop of around 34%. Copper is a signal of the worldwide economic status, with copper’s current fall being indicative of a global economic slowdown.
As European economies are in a clear decline with Russia limiting its suppliance of national resources, gas shortages have caused additional slashes in copper’s price. Copper is extremely useful, especially in the fast-expanding electric and environmentally sensitive markets, yet shortages of energy and natural resources have extended its fall.
Sources: Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PCOPPUSDM
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