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Sterling drops below $1.60 adding value to metals

Date: Thu, 8 Sep 2011 | Author: Paul Sanderson

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The pound was trading at below $1.60 yesterday and this morning, helping to keep sterling values of metals up.

After hitting a seven week low on Tuesday of $1.5921, it was trading only slightly higher on Wednesday but still below $1.60. The LME exchange rate for official prices was $1.5999 yesterday.

Copper was up to $8,990 (£5,619) from $8,940 (£5,562) on Tuesday.

Aluminium was up a touch to $2,389 (£1,493) from Tuesday’s $2,384 (£1,483). On Wednesday alloy was priced down at $2,280 (£1,425) from $2,300 (£1,431) the day before.

Lead inched up to $2,410 (£1,506) on Wednesday from $2,407 (£1,498) a day earlier. Nickel was up to $21,220 (£13,263) from Tuesday’s $20,600 (£12,816).

Tin was also up to $24,090 (£15,057) from $23,925 (£14,885) on Tuesday. Zinc increased to $2,214 (£1,384) from $2,175 (£1,353) the day before.

Steel was up to $580 (£363) from $575 (£358) on Tuesday.  

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