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Metals hit hard by economic crisis

Date: Mon, 8 Aug 2011 | Author: Paul Sanderson

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Despite gold hitting $1,715 an ounce as a safe haven in an economic crisis, other metals have been battered.

Just last Tuesday, copper was trading at $9,846 and was threatening to creep up to the $10,000 level. By Friday, the LME settlement price was down to $9,201 (£5,652). On Thursday, the metal was at $9,475 (£5,799). In early trading today, copper fell as low as $8,950 before picking up just above the $9,000 level.

One positive for all secondary commodity traders is that the price of oil continues to fall. US crude slipped even lower today to $83.18 a barrel while Brent Crude was down to $107.15 a barrel. 

Aluminium dropped to $2,456 (£1,509) on Friday from $2,503 (£1,532) on Thursday. Aluminium alloy ended at $2,290 (£1,407) down from Thursday’s $2,330 (£1,426).

Lead closed at $2,440 (£1,499) falling from Thursday’s $2,506 (£1,534). Nickel settled at $23,120 (£14,201) dropping from Thursday’s $23,550 (£14,412).

Tin ended at $24,750 (£15,203) lower than Thursday’s $25,825 (£15,805). Zinc was also down to $2,278 (£1,399) from $2,355 (£1,441) on Thursday.

Steel also suffered falling to $570 (£350) after being at $585 (£357) on Thursday.

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