London copper prices are lower on Thursday and are headed for a nearly 20% loss for Q2, the biggest quarterly decline since 2011 , with base metals in general headed for the worst quarterly fall since the 2008 global financial crisis.
Benchmark copper ( HG1:COM ) on the London Metal Exchange recently was -1.1% at $8,306/metric ton, Reuters reports, and down 19.9% since the start of April.
Tin has been the worst Q2 performer, plunging 38%, while aluminum has dropped by nearly 30%, zinc is down 22%, nickel has plummeted 27%, and lead is 20% lower - the quarterly declines for all five metals are the biggest in at least a decade.
In pre-market trading, ( NYSE: FCX ) -3% , ( TECK ) -3% , ( AA ) -3.3% , ( RIO ) -3.5% , ( BHP ) -3.4% , ( VALE ) -2.2% .
ETFs: ( NYSEARCA: COPX ), ( NYSEARCA: CPER ), ( JJC ), ( JJCTF )
"We still see metals falling as a recession in the U.S. is fully priced in," Commerzbank's Daniel Briesemann said, according to Reuters, adding that copper could fall as low as $7,000-$7,500 in Q3 before rising near the end of the year.
Analysts at RBC Capital said recently that they expect global copper supply will outpace demand over the next two years .
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Copper drops, headed for its biggest quarterly decline since 2011