Copper sinks after Fed predicts ‘weak outlook’
The markets hammered copper on Wednesday after the Federal Reserve said in its Beige Book survey that economic prospects in the United States appear to be dimming.
The red metal — widely considered a barometer of future economic growth, slipped 4% on Wednesday — the biggest one-day plunge in three weeks as investors fled equity markets. The North American indexes were a sea of red, with the S&P 500 index down over 1% and the TSX Composite off 1.69%.