To The Moon

• US slowdown, Europe gas crisis woes taking a toll
• Economic bellwether falls almost 5% after slumping on Tuesday

Copper plunged below $7,500 a ton as fears of a global economic slowdown piled pressure on industrial metals and deepened their retreat from record highs just months ago.

Investors are fretting over a range of threats to demand, from Europe’s gas crisis to a US slowdown. After a 4.2% slump on Tuesday to its lowest close in 19 months, copper fell almost 5% on Wednesday. Aluminum, zinc and tin also tumbled.

The last quarter was the worst for metals since the great financial crisis in 2008, and July has brought little relief as fears of a recession dominate markets. It’s a rapid turnaround from March, when the LMEX Index of six metals soared to an all-time high amid fears that Russia’s attack on Ukraine would fuel shortages.

Minutes from the Federal Reserve’s last meeting are due later Wednesday for more clues on the bank’s thinking about monetary tightening, ahead of another rate decision in late July. The chances of a US economic contraction are now38%, according to the latest forecasts from Bloomberg Economics.

Copper fell as much as 4.9% to $7,291.50 a ton on the London Metal Exchange, the lowest since November 2020 before trading at $7,440 a ton by 7:10 a.m local time. Aluminum dropped 1.4% and zinc was down 0.6%

The sell-off across metals is also slamming miners, withRio Tinto Ltd.shedding 7.2% in Australia and BHP Group down 5.5%.