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Copper heads for worst run since January

Sep 29 2015 10:00
Bloomberg News

Shanghai - Copper fell for a sixth day, set for the worst run since January, as metals retreated amid a commodity and equity rout.

Glencore [JSE:GLN], the Swiss miner and raw materials trader, lost almost a third of its value in Hong Kong, tracking a slump in London, while other mining shares slid in Asia.

The metal used in pipes and wires lost as much as 1% to $4 915.50 a metric ton, the lowest level in a month, before trading at $4 947 by 09:19. The London Metal Exchange index of six metals is trading near its lowest since 2009. Glencore shares have slumped 80% in the past year to a record.

“The biggest problem may be yet to come as the global mining industry is facing the same issues and could sell assets, pressuring metal prices,” Li Qi, the chief metals analyst at Cofco Futures, said by phone from Shanghai. “Demand in China should remain weak for a while.”

BHP Billiton [JSE:BIL] fell as much as 6.7% in Sydney while Rio Tinto Group lost as much as 5.8%. Returns from raw materials tumbled last month to the lowest level since 1999 as supplies outpace demand amid forecasts for the slowest Chinese growth in more than two decades.

Copper for December delivery on the Comex dropped 0.7% to $2.2365 a pound after declining 1.4% on Monday. November copper on the Shanghai Futures Exchange retreated 1%.

copper  |  commodities  |  markets
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