Copper to sink to $8,000?


The price of copper fell on the LME on Friday and fell further this morning.

With the resignation of Juergen Stark from the European Central Bank board on Friday fuelling further fears that the European debt crisis will get worse, stocks fell in Asia and Europe.


There were also reports that European and US buyers had cancelled orders with the world’s top copper producer Codelco in Chile.

At 6:30am this morning, copper was trading in the range of the low $8,700s. It was being predicted that it could fall as low as $8,500 today.

On Friday, three-month copper was priced at $8,921 (£5,591) compared to $9,061 (£5,659) on Thursday.

Aluminium also dropped on Friday to $2,378 (£1,490) from Thursday’s $2,403 (£1,501). Alloy remained the same in dollars at $2,305, but a weaker dollar benefited the metal in sterling with it rising to £1,445 from Thursday’s £1,440.

Lead was up on Friday to $2,435 (£1,526) from $2,404 (£1,501) on Thursday. Nickel was down to $21,530 (£13,493) from $21,555 (£13,463).

Tin was also down to $24,050 (£15,072) on Friday from $24,400 (£15,240) on Thursday. Zinc edged down to $2,205 (£1,382) from $2,218 (£1,385) on Thursday.

Steel remained at $585 but was up from £365 to £367 on Friday.