The price of copper tumbled today to the lowest level for more than five years after the World Bank slashed its global economic forecasts.
Copper for delivery in three months plunged in Asian trading hours to $5,353.25 per tonne, a level last seen in July 2009. That marked an 8% slide from yesterday's close.
Copper, which is used in plumbing, heating, electrical and telecommunications wiring, clawed back ground in London trade to stand at $5,564.50 per tonne.
The metal is often considered a barometer of industrial demand, so the slump gave extra gravitas to news that the World Bank had cut its 2015 growth forecasts blaming sluggishness in the euro zone, Japan and some major emerging economies, analysts said.
The World Bank yesterday predicted that global economy would grow by 3% in 2015. That marked a downgrade from the previous forecast of 3.4% that was given in June.
