Comment on Economic barometer copper sinks deeper into a bear market after worst quarter in a decade amid global slowdown fears

Economic barometer copper sinks deeper into a bear market after worst quarter in a decade amid global slowdown fears

Molten copper flows into molds at a smelting plant at Wuzhou Jinsheng Copper Company in China.He Huawen/VCG via Getty Images Copper prices in London fell as much as 3.6% to $7,959 a ton on Friday, diving deeper into a bear market. The metal, which is seen an a bellwether for the global economy, hit its lowest point since early 2021. For the second quarter that ended on Thursday, copper fell nearly 20%, the worst quarterly decline since 2011. Copper prices in London fell as much as 3.6% to $7,959 a ton on Friday, diving deeper into a bear market after suffering the worst quarterly loss in a decade.The commodity, an often seen as a barometer to gauge the global economy, fell to its lowest point since February 2021, as recession fears also hit prices for other key industrial metals, such as aluminum, nickel, iron and zinc.While copper prices edged back above $8,000 later on Friday, the intraday low marked a decline of 25.6% from a peak above $10,700 a ton in May 2021.

 

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