The price of copper has long been the barometer for how well the global economy is travelling. But this time it tells a different story.
Within financial markets, “Doctor Copper” refers to the idea that the price of the metal can be used as a barometer for the health of the world economy.
Inventories usually grow around Lunar New Year at the end of January as Chinese smelters keep working through the holiday period but many factories reduce their operations.However, the seasonal build-up has been the most pronounced since 2020. Stockpiles jumped from 30,905 metric tonnes at the end of December to 285,090 tonnes by the end of February.The trend has caught the eye of market observers because of the importance of copper to the green economy.
However, the country’s tightened grip on copper poses a potential threat to the West’s energy transition. “But what we can tell is that China has really entrenched itself as a very dominant producer of refined copper.”
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