Copper Drops With U.S. Stocks While Oil Swings on Saudi Pledge
- Metals tumble amid supply concerns, with copper down 2%
- S&P 500 slips after best weekly performance of the year
Oil, Copper Slump at Mercy of Saudi Arabia, China
Copper slid to the lowest level since 2009 amid concerns over supply, while U.S. stocks retreating following their best weekly performance of the year. Oil fluctuated after Saudi Arabia said it’s ready to work with other producers to stabilize global markets.
Copper fell below $4,500 a metric ton for the first time in six years and nickel touched its lowest price in more than a decade on concern producers aren’t doing enough to trim a supply glut. The London Metal Exchange’s index of six industrial metals is having its worst year since the global financial crisis. Bloomberg’s index of commodities has tumbled about 23 percent in 2015, dragged down to the lowest level since 1999 by slowing demand in China and the stronger dollar. The Standard & Poor’s 500 Index lost 0.1 percent.