Commodities | Copper Futures Drop

For the first time in almost two years, copper futures fell below the $2 a pound mark today, as a slowing global economy dries up demand.

In the middle of the session copper futures fell as low as $1.9920 before finishing at $2.0070 a pound for December delivery; a 5.2 percent decline. The last time it was below $2 a pound was in November of 2005.

If copper continues to fall at this pace, we'll see it suffer its worst yearly decline in 20 years.

So far this year its dropped by 34 percent, already its largest loss by percentage since 1988.

Because of the widespread use of copper in the market, it's used as a measuring stick for the overall economy. It's fall in price confirms the slowing global economy, especially growth in China.