Copper prices sank on Wednesday, plunging to a five-year low to pace a broad selloff in the metals sector. Gold, however, escaped the rout to close mostly flat.
High-grade copper for March delivery HGH5, +1.88% dropped 14 cents, or 5.2%, to $2.51 a pound, hitting levels not seen since mid-2009. Copper had lost 8 cents in Tuesday trade on the New York Mercantile Exchange.
Gold for February delivery GCG5, -0.30% slipped 10 cents to settle at $1,234.50 an ounce. March silver SIH5, -1.02% fell 17 cents, or 1%, to $16.99 an ounce.
Tokyo (Nikkei Average) up 1.3%
Hong Kong (Hang Seng Index) flat
Shanghai (Shanghai Composite Index) up 1% (at break)
Sydney (S&P/ASX 200) down 0.4%
Seoul (Kospi) down 0.1%
Mumbai (Sensex) up 1.8%
Taipei (Taiex) flat
