While equity traders took a break from selling, Wednesday was another bloody day on commodity markets.
After a tepid attempt at a comeback on Tuesday the base metal complex fell again on Wednesday.
In New York trade copper for delivery in December dropped more than 3% to a low of $2.22 per pound or around $4,895 a tonne, the lowest since July 2009 and down 30% over the past year.
On the LME, three-month nickel continued to slide losing touch with the crucial $10,000 a tonne level and closing down 2% at $9,570 a tonne. Nickel has defied all expectations and is now trading down nearly 40% since the start of 2015.
Like nickel hopes have been high for stronger lead and zinc prices this year thanks to dwindling supply and stockpiles. Instead the metals moved deeper into bear territory with zinc touching a five-year low of $1,686 a tonne and lead prices dropping more than 2% to $1,648 a tonne on Wednesday.
The same fate befell aluminum which declined 1.7% to $1,531 a tonne, not far off six year lows hit on Monday and more than 20% since hitting high above $1,900 in May.
Oil was weaker again on Wednesday with West Texas Intermediate trading at a shade over $39 a barrel and Canadian benchmark oil hitting mid-$20s thanks to a widening discount of $14.90 to US crude.
You can have a bull market with flat demand or even declining demand if supply is not there
The price of iron ore held up relatively well, staying above the $50 a tonne mark for the sixth week.
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