Copper slumped sharply for a second day Monday because of worries that China, the world’s biggest buyer, will slow imports of the metal as the economy slows and signs of financial stress flare up.
Copper for May delivery fell 2.6% to trade at $6,602 a metric ton, taking losses over the past two days to 5%, and the slide this year to 8.8%.
The latest trigger was an industry report Monday showing China’s manufacturing sector activity fell to a seven-month low, potentially damping demand for the metal used in everything from household plumbing to smartphones. The market was first spooked Friday when a small solar company defaulted on its debt, marking the country’s first ever corporate default.
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