Copper drags other metals down on LME

Print this page Posted on : 09-15-2009 by recycleinme.com

London, Sept. 14

Copper dropped to its lowest in almost two weeks on Monday and dragged other base metals to multi-week lows as the dollar gained broadly and weighed on all commodities while demand worries persisted.

Aluminium and nickel fell to their lowest in nearly seven weeks, while zinc dropped to a two week low and lead was at a 2-1/2 week low as the dollar rose against a basket of currencies.

Copper for three month's delivery on the London Metal Exchange fell to $6,070 a tonne, its lowest since September 2 and was at $6,114.75 a tonne by 0855 GMT, versus Friday's close of $6,250 a tonne. Copper inventories added another 1,475 tonnes on Monday to 319,800 tonnes, with the entire rise coming from Asian warehouses. Stocks have risen nearly 25 per cent since July, reflecting the weak demand situation.

Aluminium fell to $1,802 a tonne, its lowest since July 30 and was last at $1,811 a tonne versus $1,845 a tonne on Friday. Zinc dropped to $1,796.50 a tonne, its lowest since September 2 and was at $1,809 from $1,865.

Lead fell to $2,025 a tonne, its lowest since August 27 and was at $2,050 a tonne versus Friday's $2,065. Nickel was at $16,580 a tonne versus $16,950 a tonne, while tin was lower at $14,100 from $14,400.

Source : Business Line