Figure 3
The horizontal axis represents time in years from 2013 to 2020, in increments of 1 year. The vertical axis represents the price, ranging from 280 to 520 in increments of 40 units. The chart shows significant volatility with a distinct trend. The price starts around 400 to 420 in early 2013, peaks near 500, then enters a prolonged decline until early 2016, hitting a low near 300. A sharp rebound in late 2016 brings the price to 440, followed by a decline in mid-2017. From mid-2017 onward, the price remains volatile within 400 to 480, showing modest long-term recovery and relative stability. The series ends in mid-2020, around 440, with a sharp drop visible at the end.Price series of copper futures. Source: Authors’ calculation