Commodities from metals to oil fell on Tuesday after China devalued its currency, renewing concerns about growth in the world’s largest consumer of raw materials. Copper fell 4 per cent to a six-year low of $5,114 a tonne, after a brief rally last week. Brent crude, the benchmark oil price, fell almost 3 per cent, back below $50 a barrel, after rallying almost 4 per cent in the previous session.
Metals have been hit by weaker demand in China and continued supply from miners, which have benefited from low energy costs and a stronger dollar. Copper prices are down 21 per cent since their peak this year in May...............................................Full Article: Source
|