,Even so, the magnitude of the accelerating selloff in copper and other industrial metals suggests that investors are betting on much steeper declines in demand in the coming weeks.新2备用网址（www.hg108.vip）是一个开放新2网址即时比分、新2网址代理最新登录线路、新2网址会员最新登录线路、新2网址代理APP下载、新2网址会员APP下载、新2网址线路APP下载、新2网址电脑版下载、新2网址手机版下载的新2新现金网平台。新2网址登录线路最新、新2皇冠网址更新最快,皇冠体育APP开放皇冠会员注册、皇冠代理开户等业务。
LONDON: Industrial metals are on track for the worst quarter since the 2008 financial crisis as prices are pummelled by recession worries.
Copper, the great economic bellwether, has ricocheted into a bear market from a record four months ago, while tin just tumbled 21% in its worst week since a 1980s crisis froze trading for four years.
It’s a dramatic reversal from the past two years, when metals surged on a wave of post-lockdown optimi *** , inflationary predictions and supply snarls.
Now, inflation is here and supplies are still tight. But prices are plummeting as worries about a slowdown in industrial activity across major economies dovetail with slumping demand in China.
For a metal like copper, its uses in everything from heavy industrial machinery to advanced electronics mean the market is tightly linked to economic shifts, and the retreat marks a signal from commodity markets that efforts to get prices back under control are having some early successes.
The mood in metals has soured even as Chinese Covid-19 lockdowns start to ease, and there are signs that traders there are betting copper prices will fall further.
“Even if China recovers in the second half, it won’t be able to single-handedly boost prices back to new highs – that age has gone,” Amelia Xiao Fu, head of commodities strategy at BOCI Global Commodities, said by phone.
“If other major economies are heading towards a recession, China won’t be growing at exceptional rates either.”
Chinese manufacturing activity is already shrinking, and S&P Global gauges on Thursday showed European manufacturing output contracting for the first time in two years, while Unites States output hit a 23-month low.
Even so, the magnitude of the accelerating selloff in copper and other industrial metals suggests that investors are betting on much steeper declines in demand in the coming weeks.
Copper hit a 16-month low of US$8,122.50 (RM35,739) a tonne on the London Metal Exchange on Friday, with an 11% drop so far in June putting it on course for one of the biggest monthly losses of the past 30 years.
Metals from aluminum to zinc have also plunged and the Bloomberg Industrial Metals Spot Subindex is down 26% this quarter, headed for the biggest drop since the end of 2008. Tin has more than halved from its March peak. Metals have been harder hit than other commodities like crops and energy. — Bloomberg