Copper tumbles to 20-month low

HUMEYRA PAMUK AND CHRIS KELLEY NEW YORK, LONDON — Industrial metals traded deeper into negative territory Monday, with copper tumbling to its lowest levels since early 2007 on fears over the health of the global economy amid the deepening credit crisis. Copper – often seen as a gauge of real economic activity – sank to its lowest level in 20 months, while aluminum and nickel hit their weakest points since January, 2006. “There's a huge concern right now that we are seeing a global recession,” said David Meger, metals analyst with Chicago-based Alaron Trading. “We're seeing just a total deleveraging across the markets and obviously the concerns about the global economy are enough to pressure the base metals,” he added. Other global markets dropped as global equities extended losses to fall to four-year lows as investors... [read full story]