Copper futures dropped below $3 a pound to the cheapest in more than five months as signs of deepening economic malaise in Europe dimmed demand prospects.
European equities tumbled the most in 15 months on concern that an asset-buying program announced today by European Central Bank President Mario Draghi won’t be enough to boost inflation and revive the economy. A report yesterday showed euro-area factories expanded at the slowest clip in more than a year.
“Mr. Draghi didn’t give us anything I would get excited about to say, ’Wow, let’s buy copper, things are going to get spectacular in Europe.’” Bart Melek, the head of commodity strategy at TD Securities in Toronto, said in a telephone interview.
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