Copper Drops to Six-Year Low as Metal Losses Accelerate on China
- Glencore shares slide below a pound for first time in a month
- Noble Group predicts metals prices will decline in quarter
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Copper fell to the lowest in six years as losses deepened across the London Metal Exchange on concerns over a stronger dollar and weakening demand in China, the world’s biggest consumer.
China’s broadest measure of new credit slumped to the lowest in 15 months in October, adding to evidence that interest-rate cuts have yet to spur a sustained pickup in borrowing. The economy is expanding at the slowest in a quarter century. The Bloomberg Dollar Spot Index traded near the highest since 2005, sapping the appeal of commodities as alternative assets. Mining companies tumbled, with Glencore Plc falling as much as 13 percent.