Copper prices fell to a near 16-month low on Thursday in the latest sign of recession fears gripping the wider industrial metals market.
Often seen as a gauge of economic activity because of its usage in everything from household appliances to electric vehicles, copper fell as much as 2 per cent to $8,564 a tonne in morning trading. It is now down 11 per cent for the year.
Having climbed sharply after Russia’s invasion of Ukraine, copper has fallen this month over concerns that demand will be crimped by central banks rapidly raising interest rates to curb inflation and China’s tough Covid-19 lockdown policies.
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