As Copper Sells Off, Iron Ore Prices Plunge Too

Last week, the global copper market found itself in the throes of massive selling that led to copper contracts listed on the Shanghai Futures Exchange falling to their lowest levels in four years on Tuesday. London prices followed suit, tumbling that day to the lowest in three years. A bond default by Chinese company Chaori Solar apparently spooked domestic financial markets, which feared that more such defaults were waiting to happen. Already grappling with tightening credit, the copper market, which traditionally uses physical inventory of the metal to secure financing, is said to have panicked after the release of disappointing…