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Copper prices sink three percent on global growth worries

News Date: 9/2/2016 10:17:29
 
Gloom reigned over the global markets after a savaging Asian equities selloff, with Japan's Nikkei closing down 5.40%. The latest round on instability reminded investors of the beginning of the financial crisis in 2008 when banks almost collapsed under the burden of their debts, driving major indexes deep into the red and rocking the world economies in the process.

Copper particularly had a hard time today, as traders treat it as a proxy for the world's growth as its used widely in industrial projects around the globe and especially in China. The metal's futures sank nearly three percent today to a two-week low at $2.029 a pound, not far from a multi-year low hit last month at $1.937.

Other "precious" metals didn't benefit too much from the turmoil as they usually do, with gold futures sliding eight dollars, or 0.70% to $1,189 an ounce, while silver futures gave up nine cents, or 0.56% to trade at $15.34 an ounce.

European shares registered deep losses, with the pan-European index FTSEurofirst skidding to its lowest since 2013 at 1,208, before trading last at 1,226, down 1.10% on the day. Germany's DAX lost 40 points, or half a percent to trade at 8,946, while Britain's FTSE100 index dipped 30 points, or 0.55% to move around 5,657.

Oil prices kept trying to stay above the fray, sneaking higher amid the troubled markets. Brent crude futures added a few cents to trade at $32.90 a barrel, but U.S. West Texas Intermediary (WTI) crude futures recorded much larger profits, powering up 1.40%, or 40 cents to $30.12 a barrel.

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