Commodities from metals to oil fell yesterday after China devalued its currency, renewing concerns about growth in the world’s largest consumer of raw materials.
Copper fell 4 per cent to a new six-year low of $5,114 a tonne, after a brief rally last week. Brent crude, the benchmark oil price, fell almost 3 per cent, back below $50 a barrel, after rallying almost 4 per cent in the previous session.
Metals have been hit by weaker demand in China and continued supply from miners, which have benefited from low energy costs and a stronger dollar. Copper prices are down 21 per cent since their peak this year in May.
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