Front-month (Dec) copper futures are trading near $200 ($200.15) for the first time since March 2009 as the collapse in the global economic indicator extends to an unprecedented 14th day in a row. The ongoing collapse appears to have finally impacted Chinese equities which have given up the morning's gains and are drifting rapidly lower. Overall, as Goldman warns, the metals market appears to be increasingly pricing concurrent and/or future weakness in China’s old economy.

This is the longest losing streak on record (based on Bloomberg data) and is the worst 14-day loss (down 13.8%) since October 2011...

With a break of $200 being heavily defended for now...

However, as Goldman Sachs details, rising SHFE open interest may flag China demand deterioration

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It appears Chinese stocks have started to recognize this is a problem...