China’s first domestic bond default has shaken the foundations of the copper market, stoking investor worries about the possible unravelling of financing deals that have locked up vast quantities of copper.
This anxiety has led to three days of heavy selling in the metal, while having little noticeable effect on other global financial markets.
The Shanghai Futures Exchange’s most-traded copper contract reached its lowest level in more than four years on Tuesday, and the London copper benchmark fell to its lowest in more than three years later in the day.
via The Guardian
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