No major commodity has felt the pain of the worsening coronavirus epidemic more deeply than copper.
The metal has tumbled for 12 straight sessions in London, the longest retreat in more than three decades of data. Since January 20 when the outbreak in China entered a new phase of severity, copper has tumbled 11%, making it the hardest-hit by the spreading pandemic among all the major commodities.
Copper’s slide underscores just how crucial China’s manufacturing engine has become to global commodities markets. The economic hit to the Asian nation could exceed that seen during the SARS outbreak of 2003, according to Nomura Holdings.