Copper drops as equities crash
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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.
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Source : Business Line |
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