Deepening Metals Rout Sends Copper Below $4,500 as Nickel Slumps
- Copper extends slide to lowest since 2009 amid China slowdown
- Mining shares extend retreat to near almost seven-year low
Deep Dive: Commodity Rout Gets Worse
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Copper fell below $4,500 a metric ton for the first time in six years and nickel touched the lowest in more than a decade on concern producers aren’t doing enough to trim a glut of metal.
The retreat in commodities helped send a gauge of mining companies to near the lowest in almost seven years. The London Metal Exchange’s index of six main contracts has slumped 28 percent this year, the most since the global financial crisis in 2008, as a slowdown in top user China cut demand.