As of: 2026-05-30
Each bar shows the individual value of an indicator (0--100). The percentage on the right indicates its weight in the overall score.
Red values signal fear, green values signal greed. The overall score is the weighted average of all indicators.
The chart shows the Fear & Greed Index over time. The colored zones mark the sentiment areas: Red = Fear, Yellow = Neutral, Green = Greed.
Navigation: Select the time period using the buttons (1M to Max). Hover over the chart to see the score on a specific day.
The Copper Fear & Greed Index combines five indicators (the ratio signal is omitted) into a daily score between 0 and 100. As an industrial metal, copper primarily reacts to economic data, China's purchasing managers' index and global inventory levels -- the index therefore mainly reflects economic confidence.
Data sources: LBMA Fixing, spot prices, EUR/USD exchange rates. Updated daily on trading days. This index is for informational purposes only and does not constitute investment advice.
How the Index Is Calculated
The Copper Fear & Greed Index relies on five indicators -- the ratio signal is omitted since no established reference ratio exists for copper. The remaining factors are normalized to a uniform 0--100 scale and weighted, with momentum and volatility carrying more weight.
Calculation Formula
Score = ∑ (Indicatori × Weighti)
Each Indicatori ranges between 0 and 100, and the sum of all weights equals 1.0.
The 6 Indicators and Their Weights
Momentum
25 %Compares the current price with the 50-day moving average (SMA50). If the price is significantly above the average, greed prevails. If below, fear dominates. A distance of more than 10% from the SMA50 indicates an exaggeration.
Volatility
25 %Compares short-term volatility (10 days) with long-term volatility (60 days). A sharp increase in short-term volatility signals nervousness and fear. Stable volatility indicates composure.
Ratio Signal
15 %Analyzes the gold/silver ratio and other metal ratios. A rising ratio (gold gains relative to silver) signals a flight to safety = fear. A falling ratio shows risk appetite = greed.
Acceleration
15 %Measures whether the current price trend is accelerating or decelerating. Increasing upward acceleration signals greed -- more and more buyers are jumping in. A slowdown may indicate a trend reversal.
ATH Distance
10 %Measures the distance to the all-time high. The closer the price is to the ATH, the greedier the sentiment. A distance of over 20% indicates resignation and fear.
USD Strength
10 %Tracks the EUR/USD trend over 20 trading days. A weakening dollar is positive for precious metals (greed). A strengthening dollar depresses prices (fear).
Note: For copper, the ratio signal is omitted (weight 0%) since no meaningful reference ratio exists. The remaining indicators are weighted more heavily accordingly.
What the Values Mean
Copper's sentiment zones correlate closely with global economic data. Extreme fear often signals an approaching recession, while extreme greed typically accompanies investment booms and strong Chinese demand.
Extreme Fear
Copper panic signals recession fears: when "Dr. Copper" collapses, the market fears a global economic downturn. China's demand is questioned, inventories rise -- sentiment is catastrophic.
Fear
Copper investors are pessimistic: weak purchasing managers' indices, rising inventories or a strong dollar press the price. Long-term investors focused on the energy transition often use these phases as entry points.
Neutral
The copper market runs in normal mode: supply and demand are balanced, economic data are unremarkable. Investors await impulses -- Chinese stimulus programs, mine disruptions or new infrastructure packages could set the direction.
Greed
Copper optimism: strong industrial production, EV boom or Chinese stimulus programs drive demand. The green narrative (copper as "the metal of the energy transition") further amplifies optimism.
Extreme Greed
Copper euphoria: forecasts of supply deficits due to the energy transition dominate headlines. Speculative positions at futures exchanges reach record levels. History shows: such phases can last longer than expected -- but not forever.
Historical Patterns
As the quintessential industrial barometer, the copper sentiment index mirrors global economic sentiment. "Dr. Copper" diagnoses economic upswings and downturns often earlier than official statistics:
Recession Fear and Demand Collapse
In the summer of 2022, the copper price fell from $10,700 to below $7,000 per ton -- the sharpest decline since the 2008 financial crisis. Triggers were China's zero-Covid policy, rising interest rates and fears of a global recession. The sentiment index stood at extreme values below 10. The recovery came when China eased its Covid restrictions.
Supercycle and Energy Transition
In early 2024, copper rose above $11,000 per ton -- driven by EV demand, solar energy expansion and infrastructure programs worldwide. The index climbed into the extreme greed range. The "green supercycle" narrative attracted speculative inflows at futures exchanges. Despite interim corrections, the underlying sentiment remained optimistic.
Copper as an Economic Indicator
Copper's sentiment frequently diverges from gold: in times of crisis, gold rises (safety) while copper falls (recession fears). When copper turns positive before gold, it is considered a signal for economic recovery. Conversely, falling copper sentiment alongside rising gold sentiment warns of an approaching slowdown.
Conclusion: Copper listens to the factories, not the central banks. The sentiment index here is less a timing tool for investors and more an early warning system for the economy.
Contrarian Investing
Copper as an economic barometer offers contrarian investors a unique profile: extreme fear often signals the low point of an economic cycle.
Buy When There Is Fear
Copper fear phases (index below 20) have historically correlated strongly with global recession troughs. Those who bought at extreme values in autumn 2008, March 2020 or summer 2022 achieved returns of 40--80% in the following 12 months. The catch: copper can fall further during a recession before the recovery begins.
Be Cautious When There Is Greed
Copper greed phases (index above 80) are typically accompanied by infrastructure euphoria: Chinese stimulus programs, EV boom or global investment packages. In such phases, speculative demand at futures markets often exceeds real demand -- a warning signal for elevated prices.
Conclusion: Copper rewards patient contrarians who keep an eye on the business cycle. As a timing instrument, the index is better suited for long-term reallocations than for short-term trades.
Limitations & Pitfalls
As a pure industrial metal without a classic investment function, special limitations apply to the copper index:
- ◆ No ratio signal available — For copper, no established reference ratio like the gold-silver ratio exists. The indicator is omitted entirely, and the remaining five factors are weighted more heavily. This means the index can deliver less broadly diversified signals than for precious metals.
- ◆ China dominance — China consumes over 50% of global copper. A single announcement about stimulus programs or real estate market regulation can move the price by 5--10% -- the index only reflects such news shocks the following day.
- ◆ Inventory cycles — Copper prices are heavily influenced by inventories at the LME and SHFE. Strategic inventory buildups or drawdowns can distort the price and thus the index without any change in real demand.
- ◆ Energy transition narrative — Long-term demand from EVs, solar energy and power grids is often speculatively priced in. The index cannot distinguish whether a price movement is based on real demand or on future expectations.
Conclusion: The Copper Fear & Greed Index is primarily an economic indicator. For investment decisions, it should be combined with economic data (PMI, industrial production) and LME inventories.
Frequently Asked Questions About the Fear & Greed Index
How often is the Copper Fear & Greed Index calculated?
Daily based on spot prices. Copper does not have an LBMA fixing like the precious metals, so the daily closing price of the London Metal Exchange (LME) serves as reference. Weekends and holidays retain the last trading day's value.
Why does copper have no ratio signal?
The ratio signal compares the gold-silver or gold-platinum ratio for precious metals. For copper, no established reference ratio exists that delivers meaningful sentiment signals. The remaining five indicators are weighted more heavily (momentum and volatility at 30% each).
Is the copper index suitable as an economic indicator?
Yes, "Dr. Copper" is considered one of the most reliable early economic warning indicators. When the copper index falls to "extreme fear," this often points to an approaching recession. When the index turns positive before official economic data, it is seen as a recovery signal.
How does China influence the copper index?
China consumes over 50% of global copper. Economic data from China (PMI, real estate market, infrastructure spending) therefore have a massive influence on the copper price and thus the index. A single stimulus announcement from Beijing can shift the index by 10--15 points.
Can I use the copper index to manage my stock portfolio?
Indirectly, yes. Copper's sentiment correlates with global industrial conditions. A copper index at "extreme fear" is often also a signal of weakness for industrial stocks. Some investors use the copper index as a supplementary risk indicator alongside classic fear barometers like the VIX.
How does the energy transition affect the copper index?
Long-term, demand from EVs, solar installations and power grids drives copper demand upward. Short-term, however, the "Green Copper" narrative also causes speculative exaggerations that can push the index into "extreme greed" without real demand keeping pace.