"The creaks and groans in the copper price reflect the sound of the tunnel supports giving way," writes SocGen professional bear Al Edwards. "Decoupling" is the "most dangerous word in finance," he says, and slumping metals prices isn't just about some temporary local issues in China. "Do not rely on decoupling. Do not rely on central bank liquidity. Do not reply on hope. Hope is a false friend in these markets."
The price of copper has slid to about a 4-year low this week (though it's up 1% this morning), amid China's slowing economy and fears of a for-the-books credit bust-up.