Copper
HG=FEssential industrial metal serving as the leading barometer for global economic activity.
As of Nov 5, 2026, Copper (HG=F) closed at $6.49 /lb, representing a -3.71% drawdown from its all-time high of $6.74 /lb recorded on Sep 10, 2026 (56 days ago). Returning to all-time high requires a +3.9% gain.
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Historical Maximum Drawdowns & Annual Drops
Deepest peak-to-trough drop recorded within each calendar year.
Over the last 10 completed years, Copper experienced an average intra-year drawdown of -19.3% lasting an average of 98 days peak-to-trough, with its deepest drawdown reaching -34.8% in 2022.
| Year | Max Intra-Year Drawdown | Peak High | Bottom Trough | Peak-to-Trough | Yearly Return |
|---|---|---|---|---|---|
| 2025 | -25.08%Correction | Jul 23, 2025 $5.98 | Aug 1, 2025 $4.48 | 9 days | +41.12% |
| 2024 | -21.86%Correction | May 19, 2024 $5.17 | Aug 7, 2024 $4.04 | 80 days | +4.31% |
| 2023 | -17.20%Correction | Jan 17, 2023 $4.36 | Oct 4, 2023 $3.61 | 260 days | +2.34% |
| 2022 | -34.79%Bear Market | Mar 6, 2022 $5.03 | Jul 14, 2022 $3.28 | 130 days | -13.87% |
| 2021 | -15.51%Correction | May 9, 2021 $4.90 | Aug 18, 2021 $4.14 | 101 days | +25.92% |
| 2020 | -24.91%Correction | Jan 15, 2020 $2.89 | Mar 22, 2020 $2.17 | 67 days | +25.89% |
| 2019 | -15.72%Correction | Apr 16, 2019 $2.99 | Sep 2, 2019 $2.52 | 139 days | +4.44% |
| 2018 | -21.04%Correction | Jun 6, 2018 $3.28 | Sep 4, 2018 $2.59 | 90 days | -16.92% |
| 2017 | -9.82%Pullback | Feb 8, 2017 $2.75 | May 9, 2017 $2.48 | 90 days | +30.52% |
| 2016 | -7.12%Pullback | Dec 4, 2016 $2.67 | Dec 18, 2016 $2.48 | 14 days | -1.97% |
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Copper Historical Maximum Drawdown & Bear Market History
Historical Maximum Drawdowns & Major Crashes
As "Doctor Copper"—the premier barometer for global manufacturing and infrastructure health—copper is prone to sharp macroeconomic demand contractions. During the 2008 financial crisis, copper collapsed -68.8% from $4.07 down to $1.27 in just six months. Following its February 2011 high of $4.62, copper underwent a five-year -57.8% bear market bottoming at $1.95 in January 2016. In 2022, aggressive global interest rate increases generated a -35.2% drawdown from $5.04 down to $3.24.
Typical Pullback Frequency
Copper experiences routine pullbacks between -10% and -15% during standard industrial inventory restocking cycles. Severe drawdowns exceeding -35% historically coincide with synchronized global industrial recessions or Chinese construction slowdowns.
Historical Recovery Timelines
The 2008 crash staged a rapid V-shaped recovery, reclaiming all-time highs in 2.5 years (925 days) by late 2010. Conversely, the 2011 peak required 10.2 years (3,738 days) to recover in May 2021, demonstrating how prolonged commodity supply-demand balances dictate recovery velocity.