Copper price plunges

MINING.COM | Industrial metals fell back on Tuesday after a collapse in oil prices rattled markets and convinced traders that global demand destruction for commodities may be worse than feared.

Copper trading in New York fell by 7.3% to $2.1495 a pound ($4,740 a tonne) in early afternoon trade, a three-week low. Last month, the bellwether metal briefly traded below $2.00, levels last seen during the global financial crisis of 2008-2009.

Weakness in the copper price came despite early signs that activity in top metals consumer China is beginning to return to normal.

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