Copper prices fell below $7,000 per ton during July 15 trading at the London Metal Exchange for the first time since November 2020, worsening concerns about a looming global recession.
The price decline was triggered by fresh data from China which showed the country’s economic growth slowed down in the second quarter, registering only a 0.4 percent rise from the previous year. This is the worst gross domestic product performance for the top consumer of metals since 1992.
Falling copper prices are usually seen as a leading indicator of a recession as the metal is used in several critical sectors such as transportation, electrical, and industrial….