Copper prices march downward in March

Copper lost more value on global trading exchanges Monday, March 23, with the red metal’s price hitting a level in Shanghai that has not been seen since 2009.

Copper lots traded on the Shanghai Futures Exchange (SHFE) fell 8 percent in value by mid-day Monday, according to a Reuters news item. The price rebounded slightly in the afternoon, finishing at $5,252.57 per metric ton ($2.38 per pound).

That trading range is the lowest for copper in Shanghai since June of 2009, according to Mai Nguyen of Reuters. Decreased economic activity because of the COVID-19 pandemic have many traders bearish on the red metal's demand.

Copper pricing has fared no better on the London Metal Exchange, finishing March 23 at $4,617.50 per metric ton ($2.09 per pound), exhibiting a month-long price trend with far more downs than ups.

Listings for March copper futures on the Comex exchange in the United States posted to the CME Group website showed copper trading at a range from $2.12 to $2.15 per pound as of Tuesday morning.