Copper at 3-year low

Print this page Posted on : 10-23-2008 by recycleinme.com

Copper tumbled 5 per cent to its lowest in three years on Wednesday, extending a near 5 per cent overnight loss on dollar strength and worries about demand. London Metal Exchange copper for delivery in three months dropped to $4,270 a tonne, its weakest since December 2005 and in Shanghai, copper plunged by its 5 per cent limit to 36,070 yuan ($5,278) a tonne, a three-year low.

By 1027 GMT LME copper traded at $4,270 a tonne. Prices of the metal, used in power and construction, have more than halved from a record high of $8,940 a tonne in July. Aluminium traded at $2,057 a tonne after hitting a three-year low of $2,039, down 2 percent from Tuesday's $2,080. But prices were envisaged not to fall much further. Lead fell 6.2 per cent to a low of $1,285 a tonne before trading at $1,300, down $70 from Tuesday. Zinc shed 1.8 per cent or $21 to $1,144, nickel traded down at $10,475 from $10,700/10,705 and tin lost 6.4 per cent to $11,510, its weakest since January 2007, before trading at $12,150, down $150.

Source : Business Line