The Globe and Mail reports in its Saturday, Nov. 11, edition that the futures price for copper is down 15 per cent from a recent high in January, to a low of $3.62 (U.S.) a pound on Thursday. The Globe's David Berman writes that the bullish case for copper is wobbling right now. Copper tends to reflect global economic activity. The declining price suggests that this activity may be faltering. Analysts expect that the key factors weighing on copper consumption will linger through much of 2024. As well, demand for copper-intensive electric vehicles, which looked insatiable last year, is now facing challenges. Citi analyst Shreyas Madabushi says if 1.3 million fewer EVs are produced globally next year compared with a base-case estimate of 17 million battery-powered vehicles EV copper consumption will decline by 130 kilotons. That will contribute further pressure to already weak copper fundamentals. National Bank analyst Shane Nagle says, "We are entering an unprecedented period of growth in supply." Teck Resources, for example, is targeting copper as a key area of growth. This backdrop of rising supply and softer demand for copper adds to an already gloomy environment for bets on related renewables.