Coronavirus spreads to industrial commodities, prices decline by up to 9%

Base metals, energy, rubber and silver decline on weak demand following extended Chinese new year holiday

Prices of industrial commodities, led by copper, brent crude and rubber, declined by up to 9 per cent in less than two weeks because of weak demand caused by an extended New Year holiday in China, which has been hit by coronavirus outbreak.

Since January 17, when the coronavirus outbreak came to light, copper on the benchmark London Metal Exchange (LME) has plunged 9 per cent, followed by nickel (8 per cent), and zinc (6.7 per cent). Prices of brent crude declined by 9 per cent in the same period to trade currently at $59.3 a barrel. Prices of natural