Aluminium at 7-year low

Print this page Posted on : 02-25-2009 by recycleinme.com

Aluminium plunged to its lowest price in more than seven years on Tuesday as physical stocks of the metal rose to a record and tumbling global equity markets stoked concerns about crumbling demand.

Copper also fell after inventories of the metal climbed to the highest since late 2003.

Aluminium for delivery in three months on the London Metal Exchange fell to a low of $1,279 a tonne before recovering to $1,286 by 1034 GMT from $1,288 on Monday.

Copper for three-month delivery fell to $3,203 a tonne from $3,231 at the close on Monday.

Stocks in LME warehouses rose 1,950 tonnes to 544,700 tonnes, the highest since October 2003.

Zinc fell to $1,081 from Monday's close at $1,098 a tonne. Key stainless steel ingredient nickel eased to $9,425 from $9,550 a tonne.

Battery material lead dropped to $995 from $1,020, and tin fell to $10,300 from $10,405 a tonne.

Source : Business Line