Metals Poisoned by Turkey Contagion as Copper Nears Bear Market
- ‘It’s going to be difficult to shake this bearish sentiment’
- Copper prices have tumbled in lockstep with China’s yuan
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From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets.
Base metal markets tumbled on Wednesday, with most contracts falling more than 2 percent in London. Copper sank below $6,000 a metric ton and is set to close in a bear market. Not even gold, the usual safe haven, was spared from the selloff. Palladium plunged 5 percent and the FTSE 350 Mining Index sank to a four-month low.