June 21, 2010
by Purchasingb2b Staff
Copper prices have recently fallen below $3.00 per pound for the first time since late last year; the figure was $2.924 on June 18.
This is mainly because of concerns that global economic recovery is slowing down. The European debt crisis, high unemployment in the US and moves by the Chinese government to slow down domestic growth are all exerting downward pressure on prices.
Copper is often viewed as a bellwether commodity because it is used extensively both in construction and manufacturing. When investors are optimistic about the global economy, prices rise; when they start to worry, it usually falls.
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