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Copper Crash Deepens as Recession Fears Loom Over Metals Trading

  • US slowdown, Europe gas crisis, China virus woes taking a toll
  • Economic bellwether falls almost 5% after slumping on Tuesday
Updated on

Copper resurfaced above its $7,500 per ton plunge as fears of a global economic slowdown piled pressure on industrial metals and deepened their dive from record highs just months ago.

Investors are fretting over a range of threats to demand, from Europe’s gas crisis to a US slowdown and renewed virus flare-ups in China. After a 4.2% slump on Tuesday to its lowest close in 19 months, copper fell almost 5% on Wednesday, before paring some losses. Aluminum climbed while nickel and tin sank.