Recession of 2023 Has Arrived

The long-feared downturn may be here. Germany is officially in recession, and base metal prices are crashing… will other major economies soon enter a recession? 

Declining prices for base metals are telling us the global economy is weakening. No one can deny that copper is widely used in construction, manufacturing, and electrical industries; therefore, its demand and price changes can reflect shifts in overall economic health. 

While copper remains in a supply deficit, likely due to large green energy projects unfolding across the globe (financed by government deficit spending), weakening demand for its traditional uses is dragging the price down and pointing to a probable recession in other countries. Zinc and nickel are also down huge. But, it’s the energy plays of coal and natural gas that are getting killed. Coal is down roughly 65% on an annual basis, while natural gas is off a whopping 70%! 

These price declines point to economic concerns.

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