Industrial Metals Are Diving
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Industrial metals plunged as traders capitulated amid stock market declines and skepticism surrounding the outlook for commodity demand from China and the U.S.
An index of base metals retreated the most since November as Commerzbank said China’s economic growth may decline over the next few quarters. Citigroup Inc. said it’s bearish on the outlook for iron ore amid expectations for global oversupply and a slowdown in Chinese steel demand. Zinc and nickel, both used in steel alloys, plunged by the most this year as U.S. stocks dropped.