Copper Slumps to 17-Month Low on Deepening Recession Concerns
- ‘The selloff in metals seems to be accelerating,’ analyst says
- The red metal is widely considered a barometer of the economy
Copper was at $8,045 a ton on the LME as of 8:01 a.m. local time.
Photographer: Martin Leissl/Bloomberg
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Copper prices tumbled to a 17-month low, extending last quarter’s slump, as deepening fears about a global economic slowdown drive a rout in industrial commodities.
The red metal, widely considered a barometer of the world economy, fell as much as 3.7% to $7,955 a metric ton in London. Prices collapsed 20% in the three months ended June 30, the worst quarter in a decade. Investors appear increasingly convinced that growth is set to fade amid tightening monetary policy and Europe’s energy crisis.