Commodities
Commodities Face Contagion as Global Market Meltdown Deepens
- Losses in copper and crude underscore worries over growth
- Investors bail on profitable gold trades to cover other losses
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Commodities from copper and gold to crude oil tumbled, while paring back some of the losses, as global economic malaise dimmed the outlook for industrial demand and sent traders rushing to cash out of profitable positions.
Copper settled down 1.8% on the London Metal Exchange after slumping as much as 3.8%, with aluminum also falling. Benchmark oil futures dropped about 0.5%, after trading down 2.3% at the lowest level in seven months.