A worsening global economic outlook is driving stocks and commodity prices lower.
Prices for copper, among the most used of the industrial metals, fell to six-week lows in New York at $3.56 (U.S.) a pound, driven lower on concerns global economic stimulus plans will not be able to revive slowing world economic growth.
Wheat futures for December delivery declined for the first time in five sessions on Tuesday amid signs of declining demand for supplies from the United States, the world’s largest exporter.
(Gabor Kecskemeti/Getty Images/iStockphoto)
Cotton futures fell to a four-month low on Tuesday as signs of slower global economic growth eroded demand prospects at a time when there is ample supply of the fibre, used in clothing, home furnishings and industrial products.
Oil dropped to a three-month low on Tuesday, driven lower as Wall Street-listed companies reported results that missed analyst forecasts, raising concerns that demand for fuel will fall.