Why Copper moves
Copper was roughly unchanged, while the S&P 500 rose slightly.
Written after the close on ·
Why today
21,073 news analyzed todayCopper was roughly unchanged, while the S&P 500 rose slightly.
Copper moved less than the market, and no company news explains it.
Copper fell clearly over the last five trading days, in line with the S&P 500's sharp fall.
Copper is a metal rather than a company, so the wider market and metal prices drive it.
Copper prices hit their lowest level since July, reflecting broad pressure on the metal.
Today's move of +0.18% was 0.2 times a normal day's 0.9%. S&P 500 moved +0.31% on the same day.
Copper +0.18%S&P 500 +0.31%In step with the market
What followed similar falls?
Including reinvested dividends, Copper fell 3.7% over the latest five trading days. Since November 7, 2016, falls at least this large were followed by a higher value 21 trading days later in 35 out of 56 non-overlapping periods. The median was +1.9%, against +0.9% for an ordinary 21-day period, which ended higher 56 times in 100.
Such a fall has not said much about the next month.
+1.9% · 35/56
Earlier days
−3.07% market −2.70% Copper futures on COMEX fell clearly over the past five trading days, moving broadly in line with the S&P 500, which also fell sharply. Read →
Copper futures on COMEX fell clearly over the past five trading days, moving broadly in line with the S&P 500, which also fell sharply.
Copper's decline came with the stock market's weakness and a broader risk-off mood.
The last session was roughly flat, and the move was an ordinary size for copper.
Trading volume was well above normal, and copper remains well below its highest close of the past year.
−3.00% market −4.41% Copper fell sharply, in line with stocks. Read →
Copper fell sharply, in line with stocks.
Copper fell sharply over the last five trading days as well, a big move for it.
Over the same days the S&P 500 fell very sharply, so Copper moved with the market.
Freeport-McMoRan's $4.5 billion Bagdad mine expansion and its quarterly results were the main company news, but no company news clearly explains the drop.