Bloomberg reported that copper declined in London after US stocks slumped to a 12 year low and Asian stocks fell to the lowest in more than five years on concern that a deepening recession will erode earnings. As per report, the MSCI Asia Pacific Index is set for its lowest close since August 28th 2003 after the Standard & Poor's 500 Index fell to its lowest close since April 1997. Freeport McMoRan Copper & Gold Inc said that copper demand is still very weak as global economic growth declines. Mr Wang Lei analyst at Haitong Futures Co said that "The plunge in US stocks fueled concerns about a deepening recession and took metals markets down as well."
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