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Deepening Metals Rout Sends Copper Below $2 for First Time Since '09

  • Bloomberg World Mining Index slumps to lowest since 2004
  • Freeport-McMoRan leads declines on S&P 500 as outlook dims
Copper.
Photographer: Jim R. Bounds/Bloomberg
Updated on

Copper futures fell below $2 a pound for the first time in more than six years as a slump across industrial metals deepened on concern that China’s economic slowdown is worsening.

The retreat in prices helped send a gauge of world mining companies to the lowest since 2004 on Thursday, led by Freeport-McMoRan Inc. and Anglo American Plc. The Bloomberg Industrial Metals Subindex tumbled 27 percent in 2015, the worst loss since the global recession of 2008. Weak Chinese economic reports this week triggered turmoil across global markets and billionaire George Soros warned of a crisis.