Copper prices marked their longest losing streak in 18 years this week, but while some say the slump is a bad sign for the metal’s biggest importer China, others say it’s no cause for alarm.
The industrial metal’s price, widely perceived as a bellwether for global market sentiment and often referred to as ‘Dr. Copper,’ fell to $3.184 per pound or $7,020 per ton Monday, its ninth consecutive decline, as softer manufacturing data out of China and the U.S. led investors to ditch the commodity amid supply concerns.
The rout in copper prices came alongside a broader selloff across global equity markets in recent weeks triggered by a combination of emerging market jitters and tapering concerns.
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