Copper slumps 5% on LME

Print this page Posted on : 10-31-2008 by recycleinme.com

Copper fell by almost 5 per cent on Thursday as rising London Metal Exchange stocks halted this week's short-covering rally in industrial metals.

Three-months copper fell 5 per cent to an intraday low of $4,420 a tonne. By mid-session copper was indicated at $4,495/4,500.

Nickel was last quoted at $12,805. Lead dropped 5.1 per cent to $1,500 before being indicated at $1,525.

Zinc prices dropped to a low of $1,180 a tonne. It was last at $1,215, down 3.6 per cent versus Wednesday's $1,260. LME tin traded last at $14,510. Aluminium was 2.7 per cent lower at $2,093, down from $2,151 on Wednesday.

Source : Business Line