Copper, nickel fall on US growth concern
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Copper fell in London, tracking stock markets lower, on concern slowing US economic growth will curb demand for industrial metals. Nickel and zinc also dropped.
“Economic data that have been released recently all compounded the very subdued level of demand from now to the next six months,” said Mr. Robin Bhar, an analyst at UBS AG in London who has been covering metals traded in the city since 1984.
Copper for delivery in three months on the London Metal Exchange fell $145, or 2.1 per cent, to $6,655 a tonne as of 10:12 a.m. local time.
It dropped 2.9 per cent on Monday.
COPPER STOCKS
Copper stockpiles monitored by the LME declined 1,325 tonnes, or 0.7 per cent, to 188,175 tonnes, it said in a daily report, the biggest one-day drop since Sept.17. They have jumped 44 per cent since the end of September.
Nickel lost as much as $800, or 3 per cent, to $26,000 a tonne, the lowest intraday price since Aug.21. Zinc fell as much as 4 per cent, tracking metal futures in Shanghai, which dropped the maximum daily limit today. Zinc has declined 43 per cent this year, the most among LME-traded metals.
Tin declined $125 to $16,550. PT Timah, Indonesia’s largest tin producer, plans to produce 60,000 tonnes of the metal next year, compared with an estimated 57,000 to 59,000 tonnes this year, Finance Director Mr. M. Krishna Syarif said in Jakarta.
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Source : Business Line |
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