Industrial metals found firmer footing on Tuesday, the day after commodities were swept up in a tumultuous global selloff of risk assets.

Copper, aluminum and zinc all steadied after a frenzied opening day of the week that wiped out billions across global markets. Investors are now tracking whether Monday’s drama - ending with copper at its lowest since March - points to deeper troubles ahead. 

The main headwind for metals over recent months has been China, where subdued manufacturing and a grim housing market have hammered confidence. There now appear to be growing concerns about a hard landing for the US economy.

Broader financial markets were calmer in early trading on Tuesday, with Japan’s two main share gauges up sharply, and US stock futures bouncing back after three days of losses.

Copper rose as much as 1.1% before slipping back to trade little changed at US$8,889.50 a tonne by 10:28 a.m. Shanghai time. Aluminum was flat and zinc dipped 0.1%. 

Iron ore futures, which largely shrugged off Monday’s selloff, fell 0.5% in Singapore.

  - Bloomberg