MetalMiner’s monthly copper price index dropped 1.1 percent for March, while we’re seeing an opposite trend in other commodities markets.
The LME 3-month price went down 0.5 percent, from $7,061 to $7,026 per metric ton. Copper seems not capable to reach levels above $7,500 per metric ton as it remains under an overall downtrend.
Copper is an economically sensitive commodity and it serves as a benchmark for the industrial metal sector, which still looks pessimistic. What is especially interesting is that the rest of the commodity groups are finally showing strength since the beginning of the year.