After a brutal second quarter, investors in the world’s 50 biggest mining companies are in full retreat as metal prices slump and uncertainty grips the sector.
Benchmark London copper retreated on Friday and was on track for a fifth straight weekly loss on worries that fresh covid-19 restrictions could slow the pace of infrastructure projects.
Prices extended decline as aggressive interest rates, a spike in covid-19 cases in China, potential recession, and rising inventories weighed on investor sentiment.