Copper prices fell to their lowest level in four years on the Shanghai Futures Exchange on Monday, after tanking 5 percent, a move which analysts say underscores China’s bleak outlook following weak data and the country’s first ever corporate debt default.
The most heavily traded copper futures contract on the Shanghai Futures Exchange fell 5 percent – its daily limit – to 46,670 yuan ($7618) a tonne.
The move followed a steep fall in the price of copper futures on the Comex division of the New York Mercantile Exchange on Friday. May futures tumbled 4.2 percent to $3.0825 a pound, the heftiest one-day drop since December 2011, and the lowest level since July.
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