Copper prices fell by as much as 8% today in a sign that all is not well in the global economy and/or commodities complex.
Copper daily
But before we hit the panic button, there are signs that the selling could be technical. The bulk of it came after a fall below the 2010 low yesterday.
There have been some signs of buying after the breakdown earlier today and the losses have been halved. That said, a 5-year low is a 5-year low and there’s no easy way to spin it as good news for the economy, especially after the World Bank cuts its forecast for global growth yesterday.
