Producers of metals and other raw materials fell sharply amid fears that attempts to contain a rapidly spreading coronavirus epidemic would tip the global economy into recession.
Industrial metals such as copper have retreated in futures markets in recent sessions, but not by as much as some "soft commodities," such as oil. That could be because the nations experiencing significant new coronavirus outbreaks this week have domestic base metal supplies, but scant oil reserves, said analysts at brokerage ING, as reported earlier.
Still, aluminum, zinc, tin and nickel fell on the London Metal Exchange and extended recent declines. Gold futures rose as the precious metal regained its luster as a safe haven during a major stock rout, which sunk the Standard & Poor's 500 and the Dow Jones Industrial Average into correction territory.
Write to Rob Curran at email@example.com