Copper is the oldest known tradeable commodity in the world. As a commodity it has a number of appealing features. It’s price is closely tied to the state of the economy. A recovery in the global economy will indicate an increase in the demand for copper due to the increase in housing construction for which copper is a key component. Copper is used in electrical wiring and plumbing due to its anti-corrosive and conductive properties. It is also used to produce coinage in some countries and its anti-bacterial properties are used to fashion wrist bands and necklaces by individuals practicing alternative medicine.
The United States and Russia are the key refiners of copper production with India and China the key consumers. It should also be remembered that as the developing world becomes industrialised, the demand for copper will increase therefore increasing prices. Currently copper is the third most widely used metal in the world.
At present there is a belief that the earth will run out of copper in as little as 61 years although Lester Brown, an environmental analyst believes that the number may be as low as 25 years if copper demand continues.
Copper (CPR) Contract Details:
| Currency | Price per | Standard Contract Size | Pip Value / contract |
|---|---|---|---|
| USD | Pound | 25,000 pounds | 2.50 USD |
Trading hours: Copper trading begins on Sunday 23:00 GMT and ends 22:00 GMT Friday night with a daily break between 22:00 to 22:00. Copper is mostly traded worldwide between 01:00 – 17:30 GMT, Monday to Friday, and spreads are usually higher during out-of-business hours.
