Metals heading for worst week of 2015
Most metals, from copper to aluminum fell again Friday and were heading for their worst week of the year in early trading after data showed Chinese factory activity shrinking at the fastest pace since 2009.
Marking the fifth straight month of contraction, the flash Caixin/Markit China Manufacturing PMI fell to 47.1 in August, compared to a final reading of 47.8 in July, WSJ reports.
Copper for delivery in three months fell 1.8% to $5,027 per tonne mid-afternoon on the London Metal Exchange, dangerously close to the six-year low it hit Tuesday. Prices have tumbled 2.2% this week and are heading for a seventh weekly loss.
Meanwhile, nickel and zinc dropped over 2%, while aluminum and tin lost about 1% each.
In the last 12-months the red metal has dropped 27% and 51% since it peaked above $10,000 per tonne in March 2011.
Most commodities have been under heavy pressure this year amidst slipping Chinese demand, overproduction, a dollar bull run and a now a plummeting Chinese stock market.
Charts courtesy of Kitco Metals.