Commodities from copper to corn have been tumbling as plentiful supplies and flagging Chinese demand prompt fund managers to cut around $41bn of bullish bets on natural resources.
The sell-off in copper, a bellwether of the global economy because of its wide-ranging uses in building, infrastructure and manufacturing, has been particularly stark — it is down close to 20 per cent from its record high in May above $11,000 per tonne.
Other base metals such as aluminium, lead and zinc have followed suit, while corn has dropped to its lowest level since October 2020.
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