Commodity prices slump on recession fears

Growing concern about a worldwide economic downturn yesterday sent global commodity prices on a downward spiral.

All futures contracts on the Shanghai Futures Exchange fell sharply, with copper and zinc dropping to the daily limits and other futures contracts touching the lowest point in three years.

The most actively traded copper futures contract for delivery in December dropped more than 4 percent to 40,070 yuan per ton at the opening of the morning session. The contract has fallen by an aggregate of more than 24 percent over the past two weeks.