Copper Is Getting Creamed

Copper prices are down 3.4% to $US3.11 a pound.

Copper prices had picked up earlier this week but are down now. Remember, copper is considered an important gauge of economic health.

China had its first domestic bond default on Friday. “I think the China default sparking some forward credit concerns,” said Dave Lutz, head of ETF trading and strategy at Stifel Nicolaus.

Precious metals are down too. Gold is down 1.6% and silver is down 3.6% after a better-than-expected jobs report.

Here’s a look at sharp tumble in copper prices today:

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