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Metals fall ahead of Chinese holiday next week

Date: Fri, 30 Sep 2011 | Author: Paul Sanderson

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There was another day of falls on the LME yesterday with today the last day of trading ahead of a week-long Chinese holiday next week.

Despite the vote to support the eurozone rescue package in the German parliament, investors in metal are still concerned about the global economy.

With China effectively on holiday next week for National Day, this isn’t likely to help a volatile market.

Three month copper dropped below $7,000 again to $6,995 (£4,472) on Thursday compared to Wednesday’s official price of $7,445 (£4,757).

Aluminium was down to $2,222 (£1,420) yesterday from $2,243 (£1,433) on Wednesday. Alloy edged down to $2,185 (£1,397) from $2,205 (£1,409) on Wednesday.

Lead fell to $1,995 (£1,275) on Thursday from $2,010 (£1,284) the day before. Nickel was down to $18,450 (£11,974) yesterday from $18,630 (£11,903) a day earlier.

Tin dropped to $20,600 (£13,169) on Thursday down from Wednesday’s $21,150 (£13,514). Zinc was at $1,897 (£1,213) lower than Wednesday’s $1,940 (£1,240).

Steel was at $540 (£345) from $545 (£348) the day before.  

Category: Recycling
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