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Slight fall for copper, but analyst predicts it will fall below $8,000

Date: Wed, 21 Sep 2011 | Author: Paul Sanderson

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Copper edged down on Tuesday, but a Reuters analyst is predicting it will fall to $7,845.

The three month official price for the metal was $8,420 (£5,359) on Tuesday lower than the $8,435 (£5,366) seen on Monday.

However, a Reuters technical analyst Wang Tao said the metal would fall to around $8,190 and may even fall as low as $7,845 if the market is fragile.

Aluminium edged down yesterday to $2,340 (£1,489) only slightly lower than $2,347 (£1,493) on Monday. Alloy dropped to $2,340 (£1,489) from $2,347 (£1,493) the day before.

Lead was a little up to $2,318 (£1,475) on Tuesday from $2,315 (£1,473) a day earlier. Nickel also increased on Tuesday to $21,175 (£13,477) from Monday’s $21,100 (£13,423).

Tin rose to $23,195 (£14,763) from Monday’s $22,670 (£14,422). Zinc was down a touch to $2,113 (£1,345) from $2,115 (£1,346) a day earlier.

Steel fell to $570 (£363) from $580 (£369) on Monday. 

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