Copper prices drop.....?

[Dozer D]

I have not seen any recent earth shaking news that could have caused a one-third drop in the price of copper of Monday 12/29/14. Will try to find info, until then does anyone have thoughts etc on the why? Your comments welcomed. Is this major price shift going to affect my copper cent hoarding? Maybe. Til then, still stacking to pull wheaties.

 

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[Avago]

From what I saw, China is contracting and slowing down their consumption of copper, and they are the world's leading consumer of the metal. It looked like a 1/3 price drop or so... ouch.

 

[enamel7]

It went back up today. Makes no sense.

 

[Avago]

Probably commodity bargain hunters looking to jump in after a 33% flash crash. That, and news (good or bad) disproportionately affects markets. People freaked out yesterday at the China thing and then realized oh, it's not THAT bad.