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Three-month copper on the London Metal Exchange lost 2.8 percent to trade at $5,845 per tonnetoday, Reuters reported, hitting a low not seen since October 2009.
Three-month copper on the London Metal Exchange lost 2.8 percent to trade at $5,845 per tonnetoday, Reuters reported, hitting a low not seen since October 2009. Investors are concerned about losses in oil and a general instability in the global economy.
“There are two opposing drivers at the moment,” said Xiao Fu, head of commodity market strategy at Bank of China International. “On the one hand we have down-drag from macro forces and also oil prices, on the other hand, the actual demand trends, especially from China, have been pretty decent recently.”
On New York’s Comex, copper for March delivery also hit its lowest point since October 2009 today, Investing.com reported. However, it rebounded after that low to $2.68 per pound, a loss from yesterday’s close of 1.67 percent.
