Metals ease on fears of demand slump
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Industrial metals eased on Wednesday on fears over falling demand as the US economy slows, but Asian demand was seen giving prices a floor.
Copper for delivery in three months on the London Metal Exchange slipped to $7,073/7,078 a tonne by 1037 GMT, from $7,130 on Tuesday.
In the previous session copper, used in the construction and power sectors, shed 1.8 per cent.
Aluminium fell to $2,597/2,600 from $2,625.
Zinc dips
Zinc, used as a protective coating for steel, fell 4.9 per cent in the previous session. It was at $2,360/2,370 per tonne against $2,375.
On Tuesday, the Institute for Supply Management's survey of the US service sector showed its index at the lowest response since the period after the Sept. 11, 2001 attacks.
''This and further disappointing data was seized on by Wall Street as a further sign that recession is inevitable,'' a Standard Bank report said.
In other metals, tin fell $125 to $16,550/16,650. Stocks came in at 11,530 tonnes, down 25, and since the start of the year LME inventories have fallen 4 per cent. Tin hit a record high of $17,575 on November 14. Lead was down $34 to $2,745/2,753 and nickel shed $350 to $26,450/26,500.
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Source : Business Line |
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