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Metals fall back as optimism starts to evaporate

Date: Tue, 1 Nov 2011 | Author: Paul Sanderson

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The price of metals on the LME has dropped as optimism over a resolution to the European debt crisis appears to be disappearing.

Markets are concerned that the detail of the eurozone deal will take a number of months to resolve, when they were hoping for a speedy end to the debt crisis.

The news today that Greece intends to hold a referendum on the measures will not have helped.

Three-month copper was down to $7,920 (£4,920) on Monday from $8,000 (£4,966) at the end of last week.

Aluminium was priced at $2,208 (£1,377) down from $2,241 (£1,391) on Friday.  Alloy dropped to $2,140 (£1,335) yesterday from $2,180 (£1,353) on Friday.

Lead fell just a little to $2,005 from Friday’s $2,009, but the sterling value increased to £1,251 from £1,247 due to a changing exchange rate. Nickel dropped to $19,225 (£11,991) from $19,700 (£12,230) on Friday.

Tin was down yesterday to $21,850 (£13,628) from $21,945 (£13,623) at the end of last week. Zinc was actually up to $1,932 (£1,205) from Friday’s $1,927 (£1,196).

Steel remained unchanged at $540 but the sterling value increased to £337 from £335.                            

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