Copper prices down

Singapore
London copper tumbled more than three percent to its lowest level since 2009 as a firmer dollar fueled an aggressive sell-off that dragged down prices in Shanghai by 5 percent.
A breach of this year’s low fueled a wave of stop-loss selling although the extent of decline in London copper was not as deep as the Jan. 14 rout when prices dropped more than 8 percent at one stage.
A slide in the euro to 11-year lows against the dollar after Greece’s Syriza party promised to roll back austerity measures as it swept to election victory spurred copper’s slump which deepened in afternoon trading in Asia as Shanghai prices hit their downside limit.
“There’s been some stop-loss selling after the recent low was breached. There’s some pressure because of the dollar as well,” said a metals trader in Singapore.
“There might be some further downside because demand is weak,” said the trader who was looking at $5,200 as the next support level.