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Copper prices fell below $6,000 per tonne for the first time in over five years, Bloomberg reported. The metal fell to as low as $5,966 on Monday, but was back up to $6,007 by 2 p.m., London time. Outlook for slower growth from China and a broader pressure on commodities are contributing to bearish sentiment for the red metal.
Copper prices fell below $6,000 per tonne for the first time in over five years, Bloomberg reported. The metal fell to as low as $5,966 on Monday, but was back up to $6,007 by 2 p.m., London time. Outlook for slower growth from China and a broader pressure on commodities are contributing to bearish sentiment for the red metal.
As quoted in the publication:
Growth in China, which accounts for about 45 percent of demand, will slow to 7 percent in 2015 from 7.4 percent last year, according to economist estimates compiled by Bloomberg. This year’s expansion will be the weakest since 1990.
