Loading ...In New York trade on Thursday copper for delivery in December fell sharply after economic data out of China showed growth in fixed investment – a key driver of copper demand – at a 15-year low.
After a week of declines copper traded at a day low of $2.1585 per pound or around $4,760 a tonne on Thursday, down more than 2% from Wednesday’s close and the lowest since May 2009.
Copper traded below today’s level for seven months at the height of the global financial crisis on its way to a record above $4.40 a pound 18 months later. For a sustained period below $2.20 you have to go back a decade.
The red metal’s latest leg down comes after statistics from China, responsible for more than 45% of global copper demand, indicated a broad measure of credit growth in the economy – so-called total social financing or TSF – edged down to 11.8%, bringing credit expansion close to the all-time low of hit in June.
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