Dr Copper creates doubts on the global growth outlook: Groundhog Day yet again for copper, crude and iron ore overnight with all continuing to slide despite...

Dr Copper creates doubts on the global growth outlook: Groundhog Day yet again for copper, crude and iron ore overnight with all continuing to slide despite the release of bullish Chinese import data yesterday. Starting with the largest decline first, copper, with 3-month futures tumbling over 4% to a low of $2.586/lb, the lowest level seen since July 2009. Elsewhere trade in crude oil was volatile with WTI and Brent front-month futures falling to as low as $44.20 and 45.19 per barrel before rebounding into the close. While far too early to call a bottom yet, the two-way price action, albeit volatile, suggests renewed demand is emerging at these levels. Closer to Australia the spot iron ore price continued to slip, falling 0.9% to $67.90 d/mt. (VIEW LINK)