On the London Metal Exchange, three-month copper fell as much as 6.6 percent to $7,750 a metric ton, the lowest price since Sept. 22 last year. Prices in London have dropped 24 percent from the record $10,190 on Feb. 15, qualifying for a bear market if they close at or below $8,152.
Copper may drop to as low as $7,000 as concerns grow about the global economic slowdown, Im Byeong Chloe, an executive at South Korea’s Public Procurement Service, said on Sept. 21. The contract hasn’t traded below $7,000 since July 2010.
November-delivery oil fell as much as 6.6 percent to $80.25 a barrel, the lowest price for a most-active contract since Aug. 19, on the New York Mercantile Exchange. Wheat for December delivery fell as much as 3.3 percent to $6.45 a bushel on the Chicago Board of Trade.