Copper drifts lower, adding to four-month low hit during global rout

Copper futures fell modestly in a mixed session for metals on Tuesday, with prices nearing four-month lows hit in the previous session as industrial metal commodities were pulled down in the selloff of risk assets that wiped out billions across global markets.

Copper (HG1:COM) recently traded -0.7% at $8,826.50/ton on the London Metal Exchange, giving up earlier 1% gains, while zinc fell 1.8%, and aluminum, nickel and tin were steady; iron ore futures (SCO:COM), which mostly moved higher amid Monday’s selloff, fell 0.5% in Singapore.

ETFs: (NYSEARCA:COPX), (NYSEARCA:CPER), (OTC:JJCTF)

Potentially relevant stock tickers include (FCX), (SCCO), (TECK), (HBM), (CMP), (AA), (CENX), (KALU), (BHP), (RIO), (VALE)

Equity markets were calmer in early trading on Tuesday, with stocks up sharply in Japan and U.S. stock futures rebounding after three days of losses.

China’s lackluster manufacturing and weak housing market have hammered confidence, hurting metals in recent months, and concerns about the U.S. economy are rising.