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Iron Ore Falls Below $40, Copper Drops

December 7, 2015 at 12:31 by Vladimir Vyun

Iron ore sank below $40 per metric ton, falling to the lowest level since May 2009. The commodity was in decline due to concerns about the economic slowdown in China, which promises lower demand. Meanwhile, major producers continue to pump out the commodity, making the supply-demand balance even more negative to iron ore. It was heading to the third annual decline and has lost 80 percent of its value since peaking at $191.70 in 2011.

Prices for copper also fell today, partly due to worries about China as well. The outlook for higher interest rates in the United States was also detrimental to metals, both precious and industrial. As a result, contract for delivery of copper in March fell 0.36 percent to $2.0715 per pound as of 12:29 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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