Copper is collapsing, not dropping. This is a vote of no confidence, basically.
Just dumped some renovation-related copper pipe at the local metal scrap pile. Not much incentive to sell it.
This along with the all time low in the Baltic Dry Index, does not bode well for the economy. A storm is coming.
Indulge me, please.
I am commodities knowledge challenged.
Who is this a vote of no confidence against?
The purchasers of copper...the sellers...the users, producers?
Is copper not a viable commodity in a society that uses it for many, many things?
Granted, the price at 3-4 dollars a pound was kinda high, in my opinion, considering the recycle ability of it and the fact that is not used as exclusively (being replaced by fiber optic, etc) as it once was.
So, what is the story?
Will my pennies go back to being made of copper?