Recession Barometer Copper Drops Below $7,000 per Ton in Ominous Sign for World Economy

A child walks past a truck carrying rocks extracted from a cobalt mine at a copper quarry and cobalt pit in Lubumbashi, Democratic Republic of the Congo, on May 23, 2016. Junior Kannah/AFP via Getty Images

Copper prices fell below $7,000 per ton during July 15 trading at the London Metal Exchange for the first time since November 2020, worsening concerns about a looming global recession.

The price decline was triggered by fresh data from China which showed the country’s economic growth slowed down in the second quarter, registering only a 0.4 percent rise from the previous year. This is the worst gross domestic product performance for the top consumer of metals since 1992.