Copper Posts Worst Run Since January After China Rating Cut
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Copper dropped for a fifth day, the longest slump since January, as a cut to the outlook for China’s credit rating added to concerns on global demand.
Standard & Poor’s said increasing economic and financial risks prompted it to reduce the outlook for China’s credit rating to negative from stable. Earlier in March, Moody’s Investors Service made a similar revision. In the U.S., the largest user of the metal after China, consumer comfort declined to a three-month low, as Americans’ attitudes about the economy and their financial prospects deteriorated.