Copper sinks to six-year low over Chinese inflation and demand concerns
Copper dropped to a six-year low after muted Chinese inflation and more equity losses in Shanghai increased concern that demand will slow in the biggest metals user. BHP Billiton, the world’s largest miner, reached the lowest in a decade. Industrial metals retreated as Chinese shares extended the world’s worst selloff this year, with data at the weekend showing the country’s inflation in December stayed at about half of the government’s 2015 target. While the rout in China may be driven more by policy “mishaps” than economic fundamentals, it has global implications, according to the Economist Intelligence Unit. A gauge of six main contracts traded on the London Metal Exchange slumped 4.3 per cent last week.
No comments:
Post a Comment