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Most metals down following S&P threat

Date: Tue, 6 Dec 2011 | Author: Paul Sanderson

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With metals rallying in recent days, this was brought to a halt by Standard & Poor’s warning that it may downgrade each eurozone country.

The ratings agency said it will downgrade all of the eurozone countries if EU leaders fail to put together a deal to end its crisis this week.

As a result, three month copper was down to $7,872 ($5,029) yesterday from Friday’s $7,919 ($5,041).

Aluminium was down to $2,106 (£1,346) on Monday from $2,142 (£1,364) at the end of last week. Alloy bucked the trend and increased to $1,975 (£1,262) from $1,960 (£1,248) on Friday.

Lead was priced at $2,095 (£1,338) yesterday down from $2,115 (£1,346) on Friday. Nickel increased to $17,925 (£11,452) on Monday from $17,210 at the end of last week.

Tin was down to $19,875 (£12,698) yesterday from Friday’s $19,950 (£12,700). Zinc fell to $2,016 (£1,288) from $2,053 (£1,307).

Steel was up to $560 (£358) from $530 (£337).    

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