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Copper tumbles to 6-year low in risk-off trade, gold at 3-week peak

© Reuters. Copper drops to 6-year low, gold at 3-week peak as China FX move rattles global market - Copper prices extended losses from the previous session on Wednesday to hit a six-year low as some market analysts feared that the rapid decline in the value of China's currency could ignite a currency war that would destabilize the global economy.

Copper for September delivery on the Comex division of the New York Mercantile Exchange tumbled to a daily low of $2.292 a pound, a level not seen since June 2009, before trading at $2.319 during European morning hours, down 1.2 cents, or 0.52%. A day earlier, copper sank 6.8 cents, or 2.85%, to end at $2.331.

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