Copper prices continue to drop on a weekly basis, suggesting that a recession could be looming.
The metal is a major component in motors and electronics, and some economists have used it as a barometer to determine whether the economy is strong or not. But on the London Metal Exchange, copper dropped to $6,953 a ton. It’s down 27.4 percent year-to-date.
The drop on Friday was the first time the contract fell below $7,000 per ton since November 2020. On a weekly basis, it dropped more than 10 percent. The price recovered slightly by 1 percent to $7,165 later Friday.
Under Nasdaq’s measure, copper prices have fallen from about $4.02 per pound on June 17 and is now trading at about $3.23 per pound as of July 15….