Three-month copper dropped to around $8,400 this morning as investors worried over the state of western economies.
In fact, all metals were dropping like a stone in early trading.
With the euro falling on Monday due to concerns that the eurozone isn’t getting its act together to prevent Greek default, as a result the stronger dollar made commodities more expensive.
Additionally, the eurozone purchasing managers manufacturing index fell to 48.5 in September from last month’s 49, indicating recession.
While Chinese premier Wen Jiabao issued a statement over the weekend outlining his concern that prices remain high meaning that the country is likely to look to continue to tighten its economy. This is also happening in India where interest rates were raised for the twelfth time in 18 months on Friday.
Copper was trading at $8,409.5 (£5,356) at 9:25am GMT this morning, which is its lowest level since December last year. Since 15 February, when copper reached $10,190 (£6,360), the metal has dropped 18 per cent in price.
The official price for last Friday of $8,810 (£5,576) which was up on Thursday’s $8,725 (£5,519).
Aluminium finished last week slightly up to $2,384 (£1,509) from Thursday’s $2,374 (£1,502). At 9:25am today it was down to $2,338 (£1,489) and fell the least of all metals.
Alloy was trading at $2,300 (£1,456) on Friday compared to $2,295 (£1,452) on Thursday.
This morning lead had dropped to $2,297 (£1,463) compared to Friday’s $2,411 (£1,526) which was up on Thursday’s $2,389 (£1,511).
Nickel was down to $20,950 (£13,344) earlier today. On Friday the official price was $21,725 (£13,750) which was up on Thursday’s $21,650 (£13,694).
Tin had dropped to $22,600 (£14,395) at 9:25am from Thursday and Friday’s official price of $23,500 (£14,864 on Thursday and £14,873 on Friday).
Zinc was down to $2,103 (£1,339) this morning compared to Friday’s $2,209 (£1,398) and Thursday’s $2,184 (£1,381).
Steel was up on Friday to $580 (£367) from $570 (£361) on Thursday.