12.08.2015 - Commodities crumble on China devaluation
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
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