Copper, known as a leading indicator of economic activity, has fallen to its lowest levels in roughly 3 years.
Copper, known as a leading indicator of economic activity, has suffered along with many other commodities on the heels of the coronavirus epidemic. Futures prices were trading well below a January peak but faring better than other markets, like oil.
It “tends to front run the direction of equity markets and is usually a good indicator of the health of the business cycle,” he said. So far it has “held up much better than other economic-sensitive markets.”The S&P GSCI Copper index fell by 1.3% over the first seven trading days in March, compared with a decline of 11.4% for the S&P GSCI SPGSCI, -1.
Copper prices on the London Metal Exchange and Comex touched their lowest levels in roughly three years, with LME data showing cash copper at $5,482 per metric tonne on March 9 and Comex futures prices HGK20, -1.23% settling at $2.4725 a pound on Thursday. China’s economy, meanwhile, has been recovering. “Within China, there is a cautious desire to get back to business as usual, but the bigger question would be whether demand for Chinese exports from other countries can keep up to pace, as it’s their turn now to scramble to cope with the outbreak,” says Keith Tan, senior managing director of steel and scrap at S&P Global Platts.
If there’s a lasting impact beyond the second quarter, copper could drop to the $2.20 range, he says. That would be the lowest since October 2016.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Washington state bans gatherings, may close schools to fight COVID-19Washington Governor Jay Inslee on Wednesday banned gatherings of over 250 people...
続きを読む »
The COVID-19 Coronavirus Is Now A Pandemic: What Does That Mean?Today the World Health Organization (WHO) officially called the SARS-CoV2 outbreak a pandemic.
続きを読む »
Anti-covid-19 measures mask a shift in Britain’s budget strategyWhether Britain's fiscal measures prove sufficient will depend as much on epidemiology as on economics
続きを読む »