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Metals market rally fizzles out as euphoria ends

Date: Mon, 31 Oct 2011 | Author: Paul Sanderson

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The metal markets were stable at the end of last week, but there were signs markets were dropping today.

Copper fell back below $8,000 this morning to $7,950 (£4,935) at 7am GMT as fears that the eurozone crisis isn’t over yet occupied the minds of traders, but most importantly the strengthening dollar put pressure on metals markets.

On Friday last week, three-month copper was down to $8,000 (£4,966) from Thursday’s $8,039 (£5,025).

Aluminium edged down a little to $2,241 (£1,391) from $2,253 (£1,408) on Thursday. Alloy was priced at $2,180 (£1,353) from Thursday’s $2,170 (£1,356).

Lead increased to $2,009 (£1,247) on Friday from $1,979 (£1,237) a day earlier. Nickel was down to $19,700 (£12,230) on Friday from $19,795 (£12,373) the day before.

Tin increased to $21,945 on Friday from $21,850 but the sterling value fell from £13,658 to £13,623. Zinc was up a touch to $1,927 ($1,196) from $1,910 (£1,194).

Steel increased to $540 (£335) from $535 (£334).               
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