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Falling pound benefits metals on the LME

Date: Wed, 7 Sep 2011 | Author: Paul Sanderson

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With the pound down to $1.6073 yesterday, metals were able to benefit in sterling terms on the LME.

While three-month copper was lower in dollars to $8,940 from $8,961 on Monday, it actually increased in sterling. Yesterday it was worth £5,562 from £5,552 on Monday.

Aluminium was down to $2,384 on Tuesday from $2,397 at the beginning of the week. However, this only translated to a fall in sterling to £1,483 from £1,485 a day earlier. Alloy was priced at $2,300 (£1,431) from Monday’s $2,290 (£1,419).

Lead dropped to $2,407 (£1,498) from $2,430 (£1,505) on Monday. Nickel was down to $20,600 (£12,816) from $21,050 (£13,041).

Tin was up to $23,925 (£14,885) on Tuesday from $23,870 (£14,788) the day before. Zinc also increased in price to $2,175 (£1,353) from $2,161 (£1,339) on Monday.

Steel was down in dollars to $575 from $580. This was only a change of a quid to £358 from £359.

Category: Recycling
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