Prices of copper, a barometer for the health of the global economy, have plunged more than 12% since mid-January amid concerns over the coronavirus outbreak in China.
Prices of copper fell for the 13th straight day on Monday — to a low not seen since September last year, as the outbreak grew more widespread.
Copper prices fell for the 13th straight day on Monday to a low not seen since September last year, as the outbreak grew more widespread. Prices of copper traded in Shanghai also fell to a three-year low on Monday as Chinese markets reopened after an extended Lunar New Year break. The most traded copper contract on the Shanghai Futures Exchange fell by its daily limit of 7%.Assuming a two-week shutdown, we could see demand for copper fall by levels similar to 2003's SARS outbreak.The shutdown in China's key manufacturing regions will hit copper prices further, ANZ Research pointed out in a report last week.
The current coronavirus outbreak, first reported to the World Health Organization in late December in the Chinese city of Wuhan, has drawn comparisons to the deadly 2002-2003 SARS epidemic as they both come from the same family of viruses. The number of deaths in mainland China has now surpassed that of SARS.. As of Monday morning, at least 24 provinces, municipalities and other regions in China told businesses not to resume work before Feb. 10 at the earliest.
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