Sometimes, all it takes is one chart to tell the majority of a story. Here’s a chart for the price of copper over the past 30 days:
After beginning May at a price around $4.50 a pound, copper went on an interesting ride, jumping more than 40 cents a pound over a 6-day stretch to reach a near-record high $4.83 a pound on May 11. The price started a series of dramatic drops since then, and on June 3, closed at $4.46 a pound, it’s lowest price since mid-April.
Earlier this week, China announced it would not be importing as much copper as previously expected, which created a fairly dramatic and instant price drop. Analysts believe China will continue its trend of not demanding as much copper for the short term.
Meanwhile, there are several reports that operations are “normal” at the world’s largest copper mine, despite a labor strike. Union workers walked off the job at the Escondida mine in Chile last week. The reports say replacement workers are maintaining production.
Tagged with Biggest News, copper