Copper, Aluminum Erase Gains as Energy Crisis Roils Market
- Power shortages are forcing output cuts from China to Europe
- Investors increasingly worried about shortages and growth
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Copper, aluminum and nickel erased early gains to resume their slide as the global energy crisis and growing concerns about global growth continue to roil the industry.
The energy crunch, fueled by record coal and gas costs, has forced metal output cuts from China to Europe, depleting inventories, while suppliers such as copper mining giant Freeport-McMoRan Inc. are producing less metal than the market expected, adding to concerns of a tight market.