Copper is showing investors that not everything goes up.
It doubled in price between spring 2020 and May 2021, going far above pre-pandemic levels as China’s economy boomed and the net-zero agenda set demand forecasts soaring. However, it stumbled as Chinese authorities took action to cool prices, then fears of a new wave of Covid hit demand.
At their low ebb this month prices were down 15pc from their peak becoming a sign of how fast a booming market can change.
Commodity prices are a key indicator in the economy so this type of behavior is one to watch.
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