Bargain hunters eye brutal metals correction
A wave of profit-taking has triggered a brutal reversal across base metal markets, but commodity strategists say the correction will create a buying opportunity once prices start to stabilise.
Copper has tumbled to an eight-week low of $US9587 a tonne and has lost 13 per cent from its record above $US11,000 a tonne last month. Aluminium has also dropped to a two-month low below $US2500 a tonne, while nickel’s decline from its May highs has deepened to 20 per cent.
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