- Copper prices tumbled to six-week lows on Thursday, as steep declines on Chinese stock markets and a further depreciation of the yuan dampened appetite for the red metal.Copper for March delivery on the Comex division of the New York Mercantile Exchange plunged 6.0 cents, or 2.86%, to trade at $2.028 a pound as of 07:50 GMT, or 2:50AM ET. It earlier fell to $2.023, the lowest since November 24. On Wednesday, copper shed 0.7 cents, or 0.36%, following the release of disappointing Chinese service sector data.
- Oil prices extended this week’s rout to hit levels not seen in more than a decade on Thursday, as mounting concerns over China’s economic outlook added to the view that a global supply glut may stick around for longer than anticipated. China is the world’s second largest oil consumer after the U.S. and has been the engine of strengthening demand.Market sentiment was hit after the People’s Bank of China set its official yuan midpoint rate lower compared with Wednesday’s fix.
- Natural gas futures advanced 2 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as forecasts for colder than normal weather in the US East Coast in the coming week bolstered the demand outlook for gas-fired heating at offices and homes in the world’s biggest economy.
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