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Doctor Copper diagnoses the health and wellbeing of the global economy. Since China is the demand side of the equation in the copper market, the trade war weighed heavily on the price of the red metal in 2018 and 2019.
The high in copper in 2018 was more than 30 cents per pound above the peak in 2019. The bearish price action caused decreased earnings for companies that extract copper from the crust of the earth.
Codelco, the state-owned Chilean group, is the world’s single largest copper producer, controlling around 20% of total global reserves.