28.07.2015 - Copper Drops to Lowest in Six Years Amid Chinese Slowdown
Copper slid to the lowest level in six years as the biggest selloff in Chinese equities since 2007 added to concern that the economy will worsen. The Shanghai Composite Index plunged 8.5 percent. China’s industrial profits fell in June, and data on Friday showed a private gauge of manufacturing unexpectedly declined in July to the lowest level in 15 months, boosting speculation that demand is slowing in the country. China accounts for about 40 percent of the world’s copper consumption. “A rout resumption in Chinese equities prompts more scattered selling in most metals seen this morning,” Michael Turek, the head of base metals at BGC Partners Inc. in New York, said in an e-mail. “They just can’t catch a break or a breath, that is despite all the efforts to stabilize the Chinese markets up until now.”..............................................Full Article: Source
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