Copper Price Fluctuations

Copper price followed a V-shaped trajectory from 2011 to 2020. Starting in

2011, the copper price trended downward because of the excessive production

capacity of copper concentrates, driven by the combined effect of worldwide

economic slowdown, European debt crisis, and China’s austerity policies. It

then began to rebound after the U.S. dollar hit its annual low and Donald Trump

was elected the President of the United States in 2016, a momentum further

supported by the declining inventory and economic recovery in 2017. However,

in 2018 the China-U.S. trade war, macroeconomic downturn, and consumption

stagnation sent copper price into a sideways drift. And at the beginning of

2020, when the world economy was paralyzed by the outbreak of COVID-19,

the price plummeted to its lowest point in the past seven years. Later, as major

economies rolled out loose monetary policies and China’s economy resumed

recovery and production ahead of other economies, the copper price rebounded

and kept moving up.

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