COMMODITIES: A General Sag

Commodity market prices often forecast retail prices six to nine months in advance, since it usually takes that long for the rise or fall in wholesale prices to be passed on. Last week the commodity markets showed a distinct downtrend. Copper, at a 90-year peak of 46 a lb. only last March, slumped to 34¢, was expected to drop still further. No. 2 copper scrap, also a March record-breaker when it hit 45.5¢, fell 20¢ to the lowest price in some two years as copper production outpaced demand.

The sag was general from Chicago to Singapore, hit everything from...

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