Copper Approaches Bear Market as China Slowdown Hurts Demand
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Copper fell to a six-year low in London, approaching a bear market, after manufacturing weakened in China, the world’s largest metals user. Aluminum also slid to the lowest since 2009.
A private Chinese factory gauge released on Monday fell to a two-year low in July and an official index on Saturday slipped to the weakest in five months, adding to a near-$4 trillion rout in Chinese stocks and declining car sales that are threatening economic growth. The country uses about 40 percent of the world’s copper and half its aluminum. In the U.S., manufacturing cooled in July from the highest level in five months.