Economics
Metals Extend Sell-Off on Mounting China Concerns, Fed Outlook
- Prices pressured by slowdown in China’s manufacturing sector
- Copper stockpiles tracked by LME jumped 25 percent in two days
Why Precious Metals Are Dropping
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Copper posted the biggest two-day loss since 2015 as industrial metals plunged amid concern over demand in China and speculation that the Federal Reserve will further raise U.S. interest rates this year. Mining shares also extended losses.
Demand concerns are mounting just as copper stockpiles tracked by the London Metal Exchange jumped 25 percent in two days, the most since March, signaling ample supplies. The Bloomberg World Mining Index of equities fell for a fourth day as iron ore tumbled in Dalian and steel plummeted in Shanghai.