Copper is trading at a six-year low as that reflects a decline in world demand even as production ramps up.
Copper contracts traded below the $2.00 U.S. level on Canadian markets on Monday, a low not seen since 2009. Today, they're barely off that floor at $2.05 lb.
The metal often seen as bellwether of the world economy, peaked at $4.48 U.S. in 2011.
But China's economic slowdown has resulted in less demand for copper and in the rest of the world, demand is flat or lower. The price of copper is down 27% since the beginning of 2015
Statistics Canada reported copper exports by Canada topped $6 billion in 2014 and production in this country perked 10% last year, despite the falling prices.
That's because many companies invested in new mines in 2011, which have come on stream only recently, pushing production higher.
One of the reasons copper production has stayed this high in the face of falling demand is that currencies in key copper-producing countries like Chile, Australia and Canada have fallen sharply against the U.S. dollar.
That means the cost to produce the metal in these countries is sustainable at lower prices.
