For a snapshot of how COVID-19 has impacted the commodities market, picture copper. Last March, copper prices dropped to their lowest level since January 2016 amid investors’ global panic over the coronavirus, which was rapidly reaching pandemic status. In May, copper prices experienced an uptick as lockdown measures were eased around the world and there was an easing of trade tensions with China. Prices fell again at the end of June amidst worsening concerns for the global economy. In all, The Wall Street Journal reported, in a ten-week period, copper prices fell in eight of them.
With companies gradually coming back and doing more business, our volumes are increasing. Going forward, it is a matter of adjusting to what businesses think they can accomplish with all the restrictions that come with the virus. For example, pick ups have been curtailed or stopped altogether to halt the spread of COVID-19.