BEIJING/Hanoi- Prices of base metals in London eased on Monday as worries of a slowing global economy weighed on markets.
Three-month copper on the London Metal Exchange CMCU3 dipped 0.5 percent to $7,418 a ton, sliding after a rally in the previous week.
Weak growth at the world’s two major economies – the United States and top metals consumer China – have been pressuring prices, dragging copper prices down 32 percent since they hit their record high level of $10,845 a ton in March.
Copper, a metal used in a variety of sectors from electrical to transportation, is often used as an indicator of the global economic health.
Outlook for the coming months is still gloomy, with the global economy increasingly likely to be heading into a serious slowdown, just as the highest inflation in a generation prompts central banks to hike interest rates.
