Copper moves lower

Copper prices fell to the lowest level seen in well over a year this week as continuing surplus conditions were further weakened by lower expectations for global industrial growth and a sell-off in commodities led by gold. Copper for April delivery, the front-month contract, settled at $3.1880 a pound Wednesday on the New York Mercantile Exchange’s Comex. This was the lowest close since Oct. 20, 2011, when prices settled at $3.0575 a pound. This is not yet in bear market territory, but it’s not far off. Copper prices would enter an official bear market if prices settle below $3.1828 a pound, down 20% from the recent high of $3.9785 a pound in February 2012.