Aluminum and Copper Sag to Six-Year Lows as China Concerns Mount
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Aluminum and copper fell to six-year lows as industrial metals slumped on concern that China’s currency devaluation will boost exports and make imports more expensive in the Asian nation, the world’s biggest metals user.
The decision by the People’s Bank of China triggered the biggest one-day drop in the yuan since 1994 and sent commodity, equity and Asian currency markets tumbling. An index of the six main metals traded in London has lost 18 percent this year on concern Chinese demand is slowing amid ample supply.