Copper tanked to fresh six-year low

FXStreet (Mumbai) - Copper prices on the Comex fell more than 2% today to a fresh six-year low of USD 2.17/pound on concerns of weaker demand due to a slowdown in global growth.

The sell-off is in line with the broad based drop in commodities witnessed this year. Iron ore and oil prices have also hit multi-year lows in 2015.

The data released earlier this week stoked fears of recession in Asia’s two largest economies –Japan and China. More importantly, the slowdown in the China’s factory output is weighing heavily over the metals pack.

Meanwhile, increasing odds of Fed tightening and the resulting strength in the USD is also pushing the metal lower.