Investopedia explains 'Base Metals'
While the term "base metals" probably arose because these materials are inexpensive and more commonly found than "noble" metals such as gold and platinum, base metals are invaluable to the global economy because of their utility and ubiquity. Copper, a leading base metal, is often called the “metal with a Ph.D. in economics” because its widespread use makes its price very sensitive to global economic trends.
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