Copper Gripped by China Fears as Prices Plunge Below $8,000

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Goldman Sachs said commodities prices would “come roaring back” if concerns over a global recession turn out to be misplaced

(Bloomberg) — Copper fell below $8,000 a ton for the first time in six months as prospects receded for a quick rebound in China’s economy.

The metal has tumbled 7% this month following disappointing economic data from the world’s top consumer. All the gains following the end of China’s Covid-19 lockdowns have been wiped out. Poor domestic demand has forced Chinese smelters to ramp up exports, which helped replenish inventories elsewhere.