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Metals slip back as eurozone crisis continues to concern markets

Date: Wed, 16 Nov 2011 | Author: Paul Sanderson

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With the eurozone growing by just 0.2 per cent in the last quarter, the LME saw most metals down.

The macro-economic data continues to dominate the metals market, with the fundamentals playing second fiddle at the moment.

Three month copper was down to $7,684 (£4,842) yesterday from $7,741 (£4,856) a day earlier.

Aluminium edged lower to $2,137 (£1,347) from Monday’s $2,159 (£1,354). Alloy dropped to $2,040 (£1,286) on Tuesday from $2,076 (£1,302) the day before.

Lead was lower at $2,011 from $2,016 on Tuesday but a strengthening dollar pushed the sterling value up by £2 to £1,267 on Tuesday. Nickel dropped to $17,600 (£11,092) yesterday compared to $18,050 (£11,324) the day before.

Tin was down only a little to $21,595 from Monday’s $21,600, but the sterling value increased to £13,611 compared to Monday’s £13,551. Zinc was lower at $1,912 (£1,205) from Monday’s $1,932 (£1,212).

Steel was lower at $525 (£331) from $530 (£332) on Monday.                  

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