We’ve run a series of pieces in recent weeks about copper. These pieces run the gamut from musings on a copper comeback (not) to copper rigging. And in a couple of weeks Stuart and I will pen our “Year in Review” looking back at our own yearly and quarterly price predictions as well as pull out our crystal ball on copper in 2009.
What strikes me as the most interesting is not that copper has fallen but by how much and how quickly it has fallen. Just three weeks ago copper looked a whole lot rosier than it does today as we reported before Thanksgiving. But at $3060/ton, copper’s closing price on December 5, the fall has been steep – it seems like ages ago when copper closed on November 17 at $3735/ton. Copper, along with gold, lead, aluminum and oil are all in a sorry state according to this Financial Times article. Many of these commodities are considered the bell-whether for the global economy. Their prices indicate a longer recession.
We’ll cover copper and the full range of ferrous and non-ferrous metals during the remaining days of 2008.