Copper has fallen 19 cents at the start of the past week, and was down 30 cents the past month. The close on Wednesday was $2.42/lb after briefly touching $2.40. The price rallied back to $2.54 by week's end.
Phoenix-based Freeport McMoRan Copper & Gold, the world's largest publicly traded copper producer saw their stock plummeted to $16.03 intraday.on Wednesday.
The price drop is not restricted to copper but is affecting all metals. Arizona produces about two-thirds of the copper used in the US, so the price has a big impact on jobs and the economy.