Copper plunges below $4,000/t

Print this page Posted on : 10-24-2008 by recycleinme.com

Copper sank to a three-year low on Thursday and nickel touched its lowest in more than five years, as investors sold metals due to gloomy demand prospects. Copper for three-months delivery on the London Metal Exchange was at $3,982/3,992 a tonne by 0932 GMT, compared to $4,160 per tonne at the close on Wednesday, when it tumbled more than 10 per cent. Earlier on Thursday, the metal plummeted to $3,851 per tonne, its lowest since October 2005.

Other LME metals also lost ground. Aluminium fell $14 to $1,988 a tonne, as worries about oversupply were partially offset by the growing likelihood of large-scale cutbacks from producers struggling with shrinking margins.

Lead fell 7.5 per cent to $1,165 a tonne, its lowest since August 2006, before bouncing to $1,220 versus $1,260/1,261 on Wednesday. Zinc shed $28 to $1,112 a tonne Tin fell to $10,900 a tonne, its weakest since January 2007, before being quoted at $11,250/11,450 versus $11,550 on Wednesday.

Source : Business Line