Copper at 1-week low on speculation

Print this page Posted on : 02-17-2009 by recycleinme.com

Feb. 16

Copper fell to a one-week low in London on speculation a recovery in demand for industrial metals will be delayed beyond the second half. Nickel, aluminium and zinc also dropped. Copper for delivery in three months dropped $88, or 2.6 per cent, to $3,342 a tonne at 10:41 a.m. on the London Metal Exchange.

May copper futures dropped 3 cents, or 1.9 per cent, to $1.5245 a pound in electronic trading.

Nickel fell $125, or 1.2 per cent, to $10,200 a tonne, rebounding from a drop of as much as 2.4 per cent to $10,075 a tonne.

Lead fell $14 to $1,156 a tonne, and aluminium dropped $6 to $1,371 a tonne. Tin declined $270 to $11,100 a tonne, while zinc lost $10 to $1,143 a tonne.

Source : Business Line