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China, Copper: Global Growth Proxies

While you were waiting for the German vote on the EFSF tomorrow...copper and China dominate the conversation today. Both are proxies for global growth, both are sitting at new lows.

As I got up this morning, I saw that the Shanghai Index had hit a two year low overnight.

Then just prior to the opening of the U.S. stock market, copper began drifting lower, dropping again after margin requirements were raised midday.

Several commodity stocks are hitting new lows today as well: coal stocks like Alpha Natural Resource and Peabody Energy , steel stocks like AK Steel , and aluminum giant Alcoa .?

Bottom line is summed up by Michael Darda at MKM Partners: "With the eurozone likely headed for recession and China likely in the early innings of a sharp slowdown we continue to take a cautious view of global growth..."

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