Metals decline as investors flee from risk

Print this page Posted on : 10-23-2007 by recycleinme.com

Industrial metals fell around 2 per cent early London Metal Exchange business on Monday as asset prices across dropped on concerns that problems in housing and credit were spreading to the broader economy, analysts said.

Share prices, the dollar, gold and oil wee all down, and, with investors wary of buying assets vulnerable to knock-on effects from other markets, benchmark metal copper for delivery in three months on the London Metal Exchange fell 2 per cent, or $160, to $7,700/7,720 a tonne by 1000 GMT. LME inventories rose 2,150 tonnes on Monday to 151,100, up around 15 per cent this month.

Aluminium eased $33 to $2,525, while lead was down $135 at $3,570/3,590. Nickel was down $850 at 31,350/31,550 and tin was down $100 at $16,200/16,350.

Source : Business Line