Gold might be the metal investors turn to when things get rough but copper is the indicator of how the industrial world is faring.
As recession talk has increased, the price of copper has dropped, recently easing below US$9,000 for the first time this year.
All of these factors will impact Antofagasta PLC (LSE:ANTO) first-half numbers.
Chile-focused, the copper giant has already warned that annual production will be at the lower end of previous guidance due to lower grades at its monster mines of Los Pelambres and Centinela.
Total production was still up 20% in the three months to June compared to the first quarter at 155,300 tonnes.
Costs have also been rising due to the lower grades, with the forecast this year now $1.70 a pound or around $3,750 a tonne in metric terms, still a healthy margin at current prices.
Last year the miner posted US$765 million at this halfway stage and an underlying figure of US$1.3 billion.
Consensus forecasts are for profits this year to rise by a quarter to US$2.5 billion.
Dividends have been trimmed recently to reflect the cost of upgrades at Centinela and Los Pelambres and another reduction this time would not be a surprise, suggest analysts.