Another recession warning: Falling copper prices [CNN]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: CNN
What's happening: Copper prices hit 16-month lows on Thursday as traders dumped the metal. They've dropped more than 11% in two weeks. “Copper prices are just starting to account for the fact that global growth is slowing,” Daniel Ghali, director of commodity strategy at TD Securities, told me. The metal is used in many construction materials, including electrical wires and water pipes. That means it's often viewed as a proxy for economic activity, since demand tends to heat up when the economy is expanding and cool when it's contracting. It's affectionately referred to as “Dr. Copper” among traders because of its alleged talent for prognostication. Earlier this year, after Russia invaded Ukraine, the price of copper shot up, along with other major metals. (Before the Bell readers will recall that the disarray led the London Metal Exchange to temporarily halt the trading of nickel in March Russia accounts for 4% of global copper output and almost 7% of nickel output, accordin
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