Copper: the thermometer of industry
Copper. Market fear and the dollar.
Updated
What is it?
The price of copper, widely used in industry and construction (nicknamed “Dr. Copper”).
A barometer of real-economy demand and industrial health (“Dr. Copper”). Sharp falls warn of global contraction. Shown as context; not scored.
Why does it matter?
Not scored by level; a sharp fall can warn that industry is slowing.
When should it be a concern?
This data point is not scored in the risk index: it is shown for reference. Its level changes a lot with industrial cycles; its effect is captured through the copper/gold ratio.
Copper HG in past crises
Since September 2000, its weekly low was 0.612 $/lb (Nov 2001) and its high was 6.696 $/lb (Sep 2026). The typical level (the median) is 3.070 $/lb.
| Crisis | At the start | Low during the crisis |
|---|---|---|
| Dot-com bubble and 2001 recession | — | 0.612 $/lb (Nov 2001) |
| Global Financial Crisis 2007-09 | 3.697 $/lb | 1.275 $/lb (Dec 2008) |
| European debt crisis 2011 | 4.166 $/lb | 3.145 $/lb (Sep 2011) |
| 2015-16 market scare | 2.949 $/lb | 1.940 $/lb (Jan 2016) |
| Q4 2018 sell-off | 2.628 $/lb | 2.628 $/lb (Sep 2018) |
| COVID panic 2020 | 2.606 $/lb | 2.191 $/lb (Mar 2020) |
| 2022 bear market | 4.455 $/lb | 3.235 $/lb (Jul 2022) |
Weekly data. Crises that do not appear predate the series.
How does Crisis Monitor use it?
- Area: Markets, currency and safe havens (15% of the index). Fear in the stock market, the strength of the dollar and whether investors are rushing to safe havens.
- When does it move? Usually warns early.
- Data frequency: daily.
- Quick alarm: No.
The index combines 17 indicators. See the methodology to learn how it is calculated.
Data source
Yahoo Finance (HG=F). Data may arrive late and does not constitute financial advice.
Frequently asked questions
Why is it called “Dr. Copper”?
Because it is used in construction, electrical work and industry, and its price tends to anticipate the state of the global economy, as if it had a PhD in economics.
Why is copper not scored in the index?
Because its level changes a lot with industrial cycles and demand from China. Its effect comes in through the copper/gold ratio.