There was a time earlier this year when I was seriously considering scrapping my Williams Sonoma copper pot set. After buying the various pieces on sale over the years, I’d at least break even at the market highs, right? Well, not anymore. Best to keep cooking. Especially given what my wife is saying about one of our favorite leading indicators. But since she wrote that post, things are looking more tarnished. A recent Bloomberg dispatch suggests that copper prices are continuing their plunge. The story notes that on Monday, “Copper futures for March delivery fell 4.8 cents, or 2.8 percent, to $1.667 a pound on the Comex division of the New York Mercantile Exchange ¦ The metal has lost more than half of its value since June 30 as declines in manufacturing, tighter credit markets and bank losses eroded global growth.” One sell-side analyst cited in the piece (Macquarie) reduced its 2009 copper-price forecast by 43%, suggesting that it will average “$1.70 per pound”.
As far me, I plan to keep any plans I had for copper on the backburner ” literally.
–Jason Busch, is author of the blog Spend Matters