Investing.com - Copper prices plunged to the lowest level since July 2009 on Thursday, as the possibility of higher borrowing costs in the U.S. and slower global economic growth haunted risk-related assets.
Copper for December delivery on the Comex division of the New York Mercantile Exchange tumbled 5.4 cents, or 2.42%, to trade at $2.164 a pound during morning hours in New York. It earlier fell to $2.160, a level not seen in more than six years.
Meanwhile, three-month copper on the London Metal Exchange slumped 1.99% to $4,828.75 a metric ton.
Prices of the red metal are down more than 25% since May amid indications China's economy is losing momentum, fueling fears over slackening demand for the industrial metal.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.
Elsewhere in metals trading, gold prices fell to the lowest level in five years on Thursday, as investors awaited comments from a range of Federal Reserve speakers, including Janet Yellen for further indications on the likelihood of a December rate hike.
The Fed chief is scheduled to make the opening remarks on Thursday morning, while Fed Vice Chair Stanley Fischer is scheduled to deliver a speech on the transmission of exchange rates to output and inflation on Thursday evening.
Other Fed members speaking Thursday include, New York Fed President William Dudley, St. Louis Fed President James Bullard, Richmond Fed President Jeffrey Lacker and Chicago Fed President Charles Evans.
In recent weeks, Fed officials have talked up their intention to hike key interest rates in December.