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Bloomberg reported that copper plunged the most since January 2009 after a China factory index signaled contraction that added to speculation of slowing metals demand.
Bloomberg reported that copper plunged the most since January 2009 after a China factory index signaled contraction that added to speculation of slowing metals demand.
The market news is quoted as saying:
A preliminary index of China purchasing managers was 49.4 this month, according to HSBC Holdings Plc and Markit Economics. A reading below 50 indicates contraction. Copper has dropped 22 percent this year as Europe’s debt crisis and the possibility of another U.S. recession hampered metals demand. In the last U.S. recession, copper fell 54 percent in 2008.
“The meltdown of 2008 is in the cards if the defaults start in Euroland,” said David Threlkeld, president of Resolved Inc., a copper trading company in Scottsdale, Arizona.
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