(Bloomberg) -- Copper slipped in a mixed session for metals on Tuesday, with prices edging back towards a four-month low hit a day earlier as commodities got caught up in a tumultuous global selloff of risk assets.
Zinc also extended losses while aluminum ticked up, after a frenzied opening day of the week that wiped out billions across global markets. Investors are now tracking whether Monday’s drama — ending with copper at its lowest since March — points to deeper troubles ahead.
The main headwind for metals over recent months has been China, where subdued manufacturing and a grim housing market have hammered confidence. There now appear to be growing concerns about a hard landing for the U.S. economy.
Broader financial markets were calmer in early trading on Tuesday, with Japan’s two main share gauges up sharply and U.S. stock futures bouncing back after three days of losses.
Copper was 0.7 per cent lower at US$8,826.50 a tonne as of 11:45 a.m. local time on the London Metal Exchange, having given up earlier gains. Zinc dropped 1.8 per cent and nickel and tin were steady.
With assistance from Mark Burton
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