Copper Extends Losses Late After Fed Comments

Reuters reported that copper plunged nearly 4 percent due to negative turn in equities, after the U.S. Federal Reserve survey reported poor economic prospects.

As quoted in the market news:

Equity markets erased gains and the S&P 500 Index fell more than a percent, taking copper down with it in the metal’s biggest one-day plunge in three weeks, as a wave of risk aversion swept across the broader markets.

“The Beige Book started the late selling and pressured the S&P, and that pushed into the copper market,” said Sterling Smith, an analyst for Country Hedging Inc. in St. Paul, Minnesota.

Click here to read the full Reuters report