Metals are getting smashed - nickel, copper and silver are all flirting with multi-year lows
AP Photo/Ed Betz
Nickel, copper and silver have all traced different paths over recent years, but they've got two things in common - they all plunged in price in 2008-09 as the financial crisis and subsequent recession ripped away demand, and they're all sliding now.
And Rabobank's senior FX strategist Jane Foley explained the main drivers of the slump:
The strengthening USD continues to contribute to the slump in commodity prices with industrial metals and oil leading the way...
Concerns that China's shift towards a consumption based growth model could dent demand for commodities for a prolonged period is an unappealing prospect for commodity producers who are already weighed downs by supply gluts.
Here's Nickel, which hit its lowest level since 2003:
Investing.com
And silver, which is very nearly at its lowest level 2009, has been dipping below $14 per ounce:
Investing.com
And copper, which is at its lowest levels since 2009, tumbling to less than half of what it was worth in mid-2011:
Investing.com
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