Copper prices are collapsing.
Overnight, the price of copper fell by the most in six years as copper trading in New York fell below the $2.50 mark to make a new multi-year low. Early Wednesday, copper prices were still sitting near $2.52, down about 4%.
The collapse in copper prices comes as the price of oil has fallen more than 50% over the last six months, while commodities have been broadly weaker.
Following Tuesday’s late price action and the renewed focus on copper prices, a buyside analyst passed along the following chart, writing, "We’ll be reading plenty more 'copper at ___-year low' headlines if Copper simply catches up with the fall in crude oil."
The source added: "Matching the current level implies a drop of another 44%.
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