Copper joined the rout that has pummelled oil and iron ore, dropping to its lowest level in five-and-a-half years yesterday after aggressive selling by Chinese speculators.
The industrial metal, seen as a bellwether for global economic growth because of its extensive use in construction and electrical applications, fell as much as 6.6 per cent in London — its biggest one-day fall in almost six years — after futures dropped more than 7 per cent in Shanghai.
Copper for delivery in three months on the London Metal Exchange was down $173, or 3 per cent, at $5,600 a tonne, having hit $5,353, the lowest level since July 2009.
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