Tuesday, September 20, 2011

Ruh-Roh. Copper's Down

I've often mentioned that copper is "the old farts' leading economic indicator."

That's because copper is used in damn near every manufactured good, not to mention power-transmission (infrastructure/RE development/housing).

Copper prices are showing strain amid worries that Europe's sovereign-debt problems will substantially erode demand and create a surplus of the industrial metal.

Futures on Monday hit a fresh low for the year, falling 3.8% to $3.7715 a pound.

Ugh.

HT:  Ritholtz 
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4 comments:

  1. neomom9/20/2011 10:36 AM

    Crack dealers hardest hit

    ReplyDelete
  2. neomom9/20/2011 12:10 PM

    Comment number one is from my husband btw :-)

    ReplyDelete
  3. jimspice9/20/2011 2:07 PM

    Maybe they'll stop stealing it out of all the foreclosed homes.

    ReplyDelete
  4. J. Strupp9/20/2011 3:09 PM

    Copper's so cheap I'm gonna have to go back to scrapping manhole covers.

    ReplyDelete