Copper price slides, sign Of lingering worries on slowing global growth #CNBC_ComFebruary 12, 2019
Copper prices fall for the fourth time in five days amid a broad slide in industrial metals due to worries about higher U.S. interest rates and slowing Chinese economic growth.
Comex copper for December delivery recently was -1.6% at $2.6925/lb., as prices have fallen ~18% from the four-year peak set in June.
“Base metals are on the defensive this morning and that’s not surprising because the dollar is very strong, we’ve seen some weakness on stock markets overnight and the Chinese currency is a bit weaker,” says Robin Bhar, head of metals research at Societe Generale.
Among relevant tickers: FCX -5.6%, SCCO -3.4%, BHP -2.6%, RIO -3.3%, VALE -3.3%, AA -4.9%, CENX -3.7%, TECK -2.9%, X -2.7%, AKS -3.3%, NUE -3.2%, CLF -4.7%, MT -1%, CSTM -3.6%.
ETFs: OTCPK:JJCTF , SLX , COPX , DBB , CU , JJN , CPER , BOM , BDD , JJT-OLD , NINI , CUPM , LD , FOIL , JJM , BOS , RJZ , BDG-OLD , LEDD , UBM , HEVY , JJUB