Copper ($HG_F) prices were always a leading indicator for the direction of the US economy. Because the economy was so dependent on building growth, markets watched copper to see how much was being used. More use supposedly meant more growth.
That isn’t the case today.
The big mining companies stocks ($FCX, $SCCO, $WRN, $FSIN) are still affected by the copper price. However, it’s not the US that is driving it. Copper is a proxy on the Chinese economy.
Check out copper prices ever since the news that the Chinese economy might be on the bubble. They have dropped. Meanwhile, stories of problems in China don’t abate. As with most governments, economic growth has papered over their warts. When the merry go round stops, all the trash falls off.