NEW YORK (CNNMoney) — Copper prices have plunged in the past week. They actually started to dip ahead of Thursday’s tepid economic data-inspired market rout.
That’s one reason why traders follow copper extremely closely, even dubbing the reddish-brown metal Dr. Copper because of its expertise in predicting economic scenarios.
“Copper was one of the first rallying points for this market two years ago as worldwide growth picked up,” said Keith Springer, president of Springer Financial Advisors in Sacramento, Calif. “I’m not sure yet if it’s a precursor of a big pullback, but it could be a sign that the global economy may be cooling off.”
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