Copper Sags to Six-Year Low as Barclays Cuts Forecasts on China
- Nickel tumbles to 12-year low, while tin and zinc retreat
- People are worried about losses in Chinese stocks: Citigroup
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Copper fell to the lowest since 2009 as Barclays Plc cut its price forecast and said recent data makes a recovery in the first half less likely in China, the world’s biggest user.
Metals have been hammered in 2016 as concerns intensify that China’s economic growth is faltering. The nation’s stock selloff and depreciation of the yuan has roiled global financial markets, and data released Saturday showed inflation in December was about half the government’s 2015 target. Mining companies are suffering as prices slump, with shares of Freeport-McMoRan Inc. on Tuesday reaching the lowest since 2000.