Global energy crisis halt copper bulls as world's factories slow down

Copper's blistering rally above $10,700 a ton came in May as lockdown restrictions sparked insatiable demand for metals in housing and consumer goods

The global energy crisis is casting a pall over copper, as investors who are bullish on its long-term prospects fret that power shortages and factory slowdowns could trigger a retreat in the near term.

As a reliable gauge of economic health, copper is fast becoming a canary in the coal mine for analysts and academics, who fear that the surging costs of natural gas and electricity will send markets reeling. That could unleash a bout of stagflation, where demand from consumers and manufacturers craters but the costs of goods and raw materials remain stubbornly high.

Yet energy isn’t the only weight on