Demand fears push down metals to multi-months low
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Copper was steady on Friday, after dropping to its weakest level since February 2007, while other metals hit multi-month lows on fears about demand and a worldwide slowdown of economic growth. Copper prices were down around 15 per cent so far this week, eclipsing the previous record weekly loss of 13.2 per cent in August 1980, after a series of dismal US data pointed to economic slowdown. Copper for three-months delivery on the London Metal Exchange was at $5,853 a tonne by 1242 GMT, compared with $5,850 a tonne at the close on Thursday, when the metal shed 5 per cent. In early trade, copper hit a low of $5,680 {ndash} the lowest since February 2007 and down 2.8 per cent. Aluminium was at $2,300/2,310 a tonne, down $1 from Thursday, after touching a 32-month low of $2,261 earlier.
EYEING equities
Commodity markets also kept a close eye on equities as fears about a global economic slowdown and even recession increased. Zinc touched $1,569 a tonne, the lowest level since Nov. 2005, before trading at $1,560/1,580, down $20 from Thursday. Nickel hit a low of $14,900, the lowest level since March 2006, before trading at $15,275, down $25 since Thursday. Lead dropped to a two-month low of $1,662.25 a tonne before recovering to $1,705/1,720, up $5 from Thursday's close.Tin traded at $16,855, up $120 from Thursday's close.
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Source : Business Line |
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