1. Copper economy

1.1 Market

As with all metals, copper prices foreshadow short-term global economic conditions. There are two copper markets: the London Metal Exchange (LME) and the New York Mercantile Exchange (COMEX). Prices are determined by supply and demand. Since the end of the Second World War, there have been significant fluctuations, which can be recorded on a daily basis.

For example, for many years (1950-1978), American and Canadian producers maintained a producer price for their regular North American customers that fluctuated less than LME and COMEX prices, despite the destabilization of prices due to the takeover of copper production by the governments of certain developing countries (Chile, Congo (formerly Zaire), Peru, Zambia).

This...