Moody's downgrades base metal outlook to negative

SAN FRANCISCO (MarketWatch)
Moody's Investors Service on Friday changed its outlook for the global base metal industry to negative from stable, blaming a slowdown in economic growth
 "Recent economic statistics, including purchasing management indexes for the U.S. and China indicate a contraction in the global economy," said Carol Cowan, a Moody's vice president-senior credit officer, in a statement
 "With China accounting for at least 40% of base metal demand, its purchasing appetite is a key factor in metal price movement."
Base metals prices will remain range-bound, with a bias to the negative, although a broader price collapse as seen in 2008 is unlikely, Moody's said