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Metals drop as poor economic news dominates but exchange rate helps sterling values

Date: Tue, 22 Nov 2011 | Author: Paul Sanderson

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Most metals were lower on the LME yesterday as fear over the European and US economies dominated.

With the European debt crisis dragging on and Republicans and Democrats failing to agree on a reduced Government spending package, the markets were subdued.

As a result, three-month copper was down to $7,334 (£4,685) on Monday from Friday’s $7,605 (£4,801).

Aluminium dropped to $2,098 from $2,106, but with the exchange rate between the dollar and the pound falling from 1.584 on Friday to 1.5654 yesterday, the sterling value of aluminium increased to £1,340 yesterday from £1,330 on Friday. Alloy fell to $1,950 (£1,246) on Monday compared to $2,010 (£1,269) on Friday.

Lead was unchanged on $2,025 but its sterling value increased to £1,294 from £1,278. Nickel was down to $17,650 (£11,275) on Monday from $17,920 (£11,313) on Friday.

Tin fell to $20,795 (£13,284) yesterday compared to Friday’s $21,550 (£13,605). Zinc was a touch down at $1,930 from $1,936 but increased in sterling on Monday to $1,233 from $1,222 at the end of last week.

Steel was down to $520 from $525 but increased £1 to £332.             

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