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Copper suffers biggest quarterly loss since 2008

Date: Mon, 3 Oct 2011 | Author: Paul Sanderson

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Global economic fears have meant that copper has lost more than a quarter of its value in the quarter from July to September.

This is the biggest loss since the fourth quarter of 2008 when prices dropped by more than half as the financial crisis struck.

With Greece announcing that it is likely to be missing its deficit reduction/ target this morning, meaning that it may not receive additional bailout funding. This will not be welcome news in the market.

However, most metals edged up in price on Friday with copper up to $7,155 (£4,592) from Thursday’s $6,955 (£4,472).

Aluminium increased to $2,242 (£1,439) on Friday from $2,222 (£1,420) the day before. Alloy increased to $2,240 (£1,438) from  $2,185 (£1,397) on Thursday.

Lead was up at the end of the week to $2,036 (£1,307) from $1,995 (£1,275) the day before. Nickel was the only metal to fall dropping to $18,290 (£11,739) on Friday from $18,450 (£11,794) a day earlier.

Tin increased to $20,850 (£13,383) on Friday from $20,600 (£13,169) on Thursday. Zinc was up to $1,924 (£1,235) from $1,897 (£1,213).

Steel ended the week on $555 (£356) from $540 (£345) the day before.

 

Category: Recycling
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