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Copper plunges as Italian crisis puts fear into metals markets

Date: Thu, 10 Nov 2011 | Author: Paul Sanderson

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The political vacuum in Italy and Greece, and bond yields for Italian debt rising above 7.5 per cent has panicked the metal markets.

This morning, copper had slumped to $7,485 (£4,682) on the LME at 10:03am.

Yesterday, three month copper had fallen to $7,694 (£4,812) compared to Tuesday’s $7,835 (£4,875).

Aluminium was actually up yesterday to $2,127 (£1,330) from Tuesday’s $2,111 (£1,314). Alloy was down a touch on Wednesday to $2,055 (£1,285) from $2,060 (£1,282) a day earlier.

Lead dropped to $1,990 (£1,245) yesterday from Tuesday’s $2,018 (£1,256). Nickel fell to $18,200 (£11,384) on Wednesday from $18,555 (£11,546) a day earlier.

Tin was down to $21,750 (£13,604) from Tuesday’s $22,175 (£13,798). Zinc was lower at $1,954 (£1,222) from $1,960 (£1,220) a day earlier.

Steel was unchanged at $525 but was up £1 to £328. 

Category: Recycling
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