copper Prices on Wednesday showed the maximum decline since 2008 on fears of recession and reduced demand. The price of copper fell by 7.8% to 4 745 US dollars per tonne, falling below $ 5,000 dollars for the first time in three years. For 12 months, copper prices have lost 24%.
in the morning on Wednesday the price of copper has grown in the correction of about 1% on the background of measures to support the economy announced by the US authorities. Finance Minister Steven Mnuchin on Tuesday said that the Federal reserve may buy short-term commercial paper in the amount of up to 1 trillion dollars to improve liquidity in the market.
However, the correction was short-lived. The market for industrial metals remains under pressure coronavirus pandemic, which could hit the global economy, affecting in particular the demand for copper. Recently on this background on all stock and commodity exchanges there is high volatility.
Drop copper, which is due to mass usage in various industries and products, from the iPad to water pipes and electrical wires, considered a good leading indicator of developments in the world economy, could be a harbinger of an even greater decline in the stock markets.
the Price of may futures for Brent crude on London's ICE Futures exchange fell by 14.7% - to 24.52 per barrel, its lowest level since 2003. Now, according to MarketWatch, there was a small correction - the future is 25.94 dollar (a decrease of about 9.7%).