Copper Tumbles Into a Bear Market
- Losses triggered by crisis in Turkey, U.S.-China trade spat
- Investors are fleeing to the safety of the U.S. dollar
Photographer: Bloomberg/Bloomberg
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Copper plunged into a bear market as concerns mount that Turkey’s financial crisis and the U.S.-China trade spat will stymie global economic growth.
The red metal for delivery in three months fell 4 percent to settle at $5,801 a metric ton at 5:52 p.m. Wednesday on the London Metal Exchange. That’s a more-than 20 percent drop from its high of $7,332 a ton in June, meeting the common definition of a bear market. Copper has posted four straight daily losses, dropping to the lowest in more than a year.