Jan 31, 2020 - Economy & Business

Copper is on life support

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Data: Investing.com; Chart: Axios Visuals

The price of copper fell for a record 12th straight session on Thursday, falling to its lowest price on the New York Mercantile Exchange since September and its lowest on the London Metal Exchange since October.

Why it matters: Known as Dr. Copper, the metal is seen as a barometer of the economy's health because of its use in homebuilding and commercial construction.

  • Analysts said the continued weakness in copper was a major warning sign for global markets.

The big picture: Prices for copper, crude oil and other commodities are falling based on fear that the coronavirus outbreak will hurt demand from China, the world's top commodities importer.

  • Factories outside of Wuhan have pushed back plans to reopen after the Lunar New Year holiday to Feb. 10.

Yes, but: "Economic activity in China is suffering, though in terms of manufacturing and construction activity we are at a seasonally low point," Julius Baer analyst Carsten Menke told Reuters.

  • "Typically, when we have this sort of short-term shock, there’s catch-up potential for economic activity once the situation normalizes."

Go deeper: Gold has been 2020's star asset

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 5,931,112 — Total deaths: 357,929 — Total recoveries — 2,388,172Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,711,313 — Total deaths: 101,129 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. States: New York to allow private businesses to deny entry to customers without masks.
  4. Public health: Louisiana Sen. Cassidy wants more frequent testing of nursing home workers.
  5. Congress: Pelosi slams McConnell on stimulus delay — Sen. Tim Kaine and wife test positive for coronavirus antibodies.
  6. Tech: Twitter fact-checks Chinese official's claims that coronavirus originated in U.S.
  7. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 7 mins ago - Politics & Policy

Twitter fact-checks Chinese official's claims that coronavirus originated in U.S.

Chinese Foreign Ministry spokesman Zhao Lijian. Photo: Greg Baker/AFP via Getty Images

Twitter slapped a fact-check label on a pair of months-old tweets from a Chinese government spokesperson that falsely suggested that the coronavirus originated in the U.S. and was brought to Wuhan by the U.S. military, directing users to "get the facts about COVID-19."

Why it matters: The labels were added after criticism that Twitter had fact-checked tweets from President Trump about mail-in voting, but not other false claims from Chinese Communist Party officials and other U.S. adversaries.

Podcast: Trump vs. Twitter, round two

President Trump is escalating his response to Twitter’s fact check of his recent tweets about mail-in voting, issuing an executive order that's designed to begin limiting social media's liability protections. Dan digs in with Axios' Margaret Harding McGill.

Go deeper: Twitter vs. Trump... vs. Twitter

2 hours ago - Politics & Policy