Copper prices post biggest drop in more than two years on China concerns

|By:, SA News Editor

Copper futures slumped to their biggest loss in more than two years as investors worried about slowing growth in China, which accounts for 40% of the world's copper demand.

Traders were spooked by China's first default on a bond traded in the mainland, which comes amid broader fears about the impact of China's economic slowdown on demand for industrial metals.

Copper prices have lost 9.2% YTD as signs of faltering growth in China have raised the outlook for a surplus.

Top publicly traded producer Freeport McMoRan (FCX) -4.8%.