Chart of the Day - Wednesday, August 18th, 2021
August 18, 2021
Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). It's a daily candlestick chart of Copper futures over the past three years. Copper fell to a four-month low in today's session, around $4.12 per pound. Price was in a strong uptrend between March 2020 and May of this year, surging more than 100% in that time. However, it began breaking down in June, and it has continued to trend lower ever since. Due to the metal's numerous industrial uses, Copper often acts as a leading indicator for global economic growth and the stock market. Of course, this is just one data point to consider. But, seeing Copper hit fresh four-month lows like this doesn’t exactly inspire confidence in the bull case.