LONDON- Copper retreated on Friday after touching successive multi-year peaks, falling more than 3 percent as risk-off sentiment hit wider financial markets after a spike in bond yields.
Three-month copper on the London Metal Exchange (LME) had slumped 3.8 percent to $9,056 a ton, having hit multi-year peaks in six consecutive sessions.
On Thursday, LME copper hit its highest since August 2011 at $9,617 a ton, 5.6 percent short if its record high of $10,190 in February 2011.
Other metals, such as aluminum and nickel, were also hit as Asian shares suffered their heaviest fall in nine months amid a rout in global bond markets that sent yields flying.
“The short-term outlook is probably one of caution, with risk-off deleveraging hovering over the market,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
“What we are seeing is probably an overdue and healthy stage of consolidation at best or a correction at worst.”