Copper’s price plunge and hits lowest in 5-1/2 y *LINK*

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Copper for delivery in three months dropped 5.3 percent Wednesday to settle at $5,548 a metric ton ($2.52 a pound) on the London Metal Exchange, after dropping as much as 8.6 percent, the biggest intraday loss since October 2008. It then rebounded on Thursday by rising as much as 2.5 percent to $5,685.50 a metric ton on the London Metal Exchange and was at $5,631 in Hong Kong.

Copper is the worst performing non-energy raw material this year on the Bloomberg Commodity Index (BCOM), which has tumbled to the lowest in 12 years amid forecasts for China’s slowest economic growth since 1990. Goldman Sachs Group Inc. this week highlighted tighter credit in the country, the world’s biggest metals consumer, as a challenge for copper prices.

Copper’s price plunge and hits lowest in 5-1/2 y

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