Copper prices spiral lower

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    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.