[miningmx.com] – THE price of copper fell 8.7% in London on January 13, the largest decline in six years, as speculators took a negative view of metals amid the expectation that the world economy would grow slower than forecast.
“People have seen oil prices decline so much and now they’re targeting other commodities,’ Ivan Szpakowski, an analyst at Citigroup in Hong Kong, told Bloomberg News. Copper was trading at $5,400 per tonne.
Copper is falling faster than most other commodities because “… it’s the one that is played by the macro investors and by people who are looking at the broader picture rather than commodity fundamentals,’ he said.
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