Business: Copper Adjusted?

In the face of a commodity decline which has caused such losses in the past five months as 15% for wheat, 16% for silver, 13% for lead, copper long stayed firm at 18¢. Last week, two days before the first anniversary of the 18¢ level, copper dropped to 14¢. In actual size, this 22% reduction is a tremendous one, perhaps the biggest single drop ever recorded in any commodity. But the news was neither surprising nor alarming, for 18¢ copper had lately been becoming more a theory than a fact.

Copper prices for...