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Metal markets stabilise waiting for US budget news

Date: Thu, 28 Jul 2011 | Author: Paul Sanderson

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There were only small changes on the LME as the market waited to see whether the US budget crisis would be resolved.

After investors sought a safe haven on Tuesday in commodities, the market largely held prices at similar levels as it waited to see if and how the impasse over extending the US debt ceiling would turn out.

Three-month copper was slightly down to $9,760 (£5,966) from $9,800 (£5,977) a day earlier.

Aluminium was up a touch to $2,647 (£1,618) from $2,638 (£1,609) on Tuesday.

Lead settled at $2,715 (£1,660) down $10 (but only £1) from the $2,725 (£1,661) seen on Tuesday. Nickel closed at $24,140 (£14,756) little changed from the $24,195 (£14,755) seen a day earlier.

Tin finished at $28,700 (£17,544) up from the $28,490 (£17,375) on Tuesday. Zinc barely changed settling at $2,516 (£1,537) from $2,520 (£1,536).

Steel was down to $590 (£361) from the $600 (£366) seen the day before.            
Category: Recycling
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