Asian Stocks, Copper Lower As Risk Appetite Fizzle Out

Copper futures slid with Asian stocks and emerging-market currencies as weaker-than-estimated Chinese data stoked concern over the outlook for the world’s second-largest economy. U.S. index futures dropped as crude oil and corn fell while gold led a retreat in precious metals.

Copper futures on the Comex sank 1.9 percent by 9:59 a.m. in Tokyo to $3.0255 a pound, after touching the lowest level since June. The MSCI Asia Pacific Index dropped 0.4 percent as stock gauges from Japan to Australia slipped. Standard & Poor’s 500 Index futures lost 0.2 percent after the index rose 1 percent last week. Malaysia’s ringgit snapped a four-day gain and the Korean won weakened 0.5 percent. Brent lost 0.3 percent and corn slid more than 1 percent. Gold fell 0.2 percent.

Data from China and Japan are overshadowing last week’s better-than-estimated U.S. payrolls figures. China said March 8 that exports slid the most since 2009 last month and inflation eased to a 13-month low, while Japan revised fourth-quarter growth down today. Searchers continue to look for traces of a Malaysian Airline System Bhd. plane amid concern over passengers traveling with stolen passports. In Crimea, Russian troops detained Ukrainian border guards amid the ongoing standoff.

Bloomberg

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