Eurozone crisis continues to spook metal markets

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The price of many metals was down again yesterday as fears continue of a European recession.

Markets are increasingly concerned that there will be no new quick solution to the eurozone crisis, and this appears to be having an impact on the rest of the world. For example, a preliminary Chinese purchasing managers’ index figure for December showed another contraction in manufacturing.

As a result, three-month copper fell to $7,370 (£4,759) on Wednesday from $7,618 (£4,884) on Tuesday.

Aluminium dropped to $1,974 (£1,275) yesterday compared to $2,022 (£1,296) a day earlier. Alloy was down on Wednesday to $1,890 (£1,220) from $1,900 (£1,218) the day before.

Lead was lower at $2,036 (£1,315) yesterday from $2,095 (£1,343). Nickel was priced down at $17,800 (£11,494) from $18,410 (£11,803).

Tin slumped to $18,750 (£12,108) from Tuesday’s $19,550 (£12,534). Zinc dropped to $1,868 (£1,206) from $1,936 (£1,241).

Steel was unchanged on $565 but increased by £3 to £365.