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HomeEconomyRecession Barometer Copper Continues Its Sharp Sell Off

Recession Barometer Copper Continues Its Sharp Sell Off

Copper on July 6 plunged below $7,500 a ton, as increasing fears of a global recession hit the industrial metals market, lowering prices from its record highs a months ago.

The price of copper has dropped by 7.1 percent week over week, according to a Twitter post from Hedgeye, an online investment research and financial media company.

Copper fell by as much as 4.9 percent to $7,291.50 a ton on the London Metal Exchange (LMEX)—its lowest level since November 2020 after recovering to $7,552 a ton by 12:43 p.m. BST.

The mineral had already been hit by a 4.2 percent slump yesterday going below $8,000 a ton, reaching its lowest close in 19 months.

Meanwhile, aluminum lost 0.7 percent in value, while nickel was down 2.2 percent, and lead climbed 1.9 percent.

This is major turn from March, when the LMEX Index of six strategic metals rose to an all-time high after the Russian invasion of Ukraine sparked fears of global fuel and commodities…

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