Copper drops as equities crash

Print this page Posted on : 05-29-2009 by recycleinme.com

Copper dropped more than 2 per cent on Thursday, tracking losses in US equities after a surge in treasury spreads and mixed US housing data dampened the outlook for economic recovery.

Copper for three-month's delivery on the London Metal Exchange traded at $4,617 a tonne at 0906 GMT, down from a level of $4,665 quoted late on Wednesday.

Aluminium traded at $1,404 from $1,405.

Battery material lead was at $1,440 from $1,445. Tin was at $13,475 from $13,600.

Zinc traded at $1,449.75 from $1,460. Steel making ingredient nickel was at $13,250 from $13,395.

Nickel stocks rose 1,218 tonnes to 109,860 tonnes.

LME nickel stocks have fallen sharply since late April, when they reached above 114,400 tonnes.

Source : Business Line