Metals Drop as Oil Crisis Spurs Market Into New ‘Dash for Cash’
- Precious metals face deleveraging as investors liquidate
- Iron ore declines after BHP cautions on coronavirus risks
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Industrial and precious metals slumped as broader market sentiment soured on weakening oil prices, spurring another wave of selling across metals.
U.S equities tumbled the most in three weeks after crude oil futures slid below zero on Monday, losing value as chronic oversupply overwhelms the world’s crude tanks. The plunge threatens to fuel worldwide deflation that could derail efforts to restart major industrial economies, even as the coronavirus pandemic shows signs of peaking.