Commodities Hammered in China by Virus-Driven Demand Fears
- Iron ore, oil, copper tumble by daily limit as markets reopen
- China catching up with global markets gripped by virus fears
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Chinese commodity prices collapsed on the first day of trading after the Lunar New Year break as investors returned to markets gripped by fear over the impact the coronavirus will have on demand in the world’s biggest consumer of raw materials.
The country’s three major commodity exchanges were hit by a fevered bout of selling as they reopened with Chinese traders getting their first opportunity to catch up with losses inflicted on overseas markets while they had been on holiday.