Copper being hit hard in uncertain times
In post US holiday trading Comex copper prices have tumbled to a 1-yr low.
Prices crashed to a one-year low on Thursday morning in the United States with market sentiment in the red metal affected by tough talk on tariffs between the US and China, leaving tremendous uncertainty for future manufacturing sales.
Copper for September settlement dropped 6.40 cents or 2.2% to $2.8530 per lb, slightly off it's lows for the day of 2.8370, the lowest level seen since July 2017. The red metal has suffered from weakening market sentiment dropping 10 % in the last few weeks.
Copper is considered by many to be a barometer for the health of the economy. The significant pressure on pricing could indicate a turn in economic conditions.