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Commodities were slammed as the market digested the collapse of the OPEC+ alliance that was holding up oil prices. Copper and nickel led the base metals sector lower. The ANZ China Commodity Index finished down 4.9%, the biggest one day fall since 2008, as economist at ANZ Research notes.

Key quotes

“Copper touched a three-year low while nickel and zinc also under pressure as investors sold off risky asset classes.” 

“Major copper and gold producer Freeport-McMoRan tried to reassure markets buy saying the outlook for copper and gold volumes was positive while it has seen no significant disruptions to its supply chain or product shipments as a result of the coronavirus.”