The price of copper has fallen to a 10-month low.
The price of copper is seen as closely linked to industrial demand. The latest fall is seen as driven not by the current balance between supply and demand, by uncertainty about the growth outlook in Europe (eurozone crisis) and China (maintaining relatively high interest rates in order to control inflation).
The price of crude oil also fell, and is “see-sawing massively between macro events and supply and demand fundamentals.”
The outlook for world industrial growth has taken another step back.
Macro events are pushing the price of oil downwards, and yet supply and demand realities are pushing prices higher. Peak oil is here.