Euro woes continue to impact on price of metals

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Most metals on the LME moved downwards yesterday as traders realised there was not a quick fix to the eurozone crisis.

Markets around the world ignored positive Chinese commodity imports in November, but instead focused on the fact that the solution to the euro situation is likely to be lengthy.

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As a result, three-month copper on the LME was down to $7,644 (£4,885) yesterday compared to Friday’s $7,824 (£4,986).

Aluminium dropped to $2,030 (£1,297) on Monday from $2,068 (£1,318) at the end of last week. Alloy fell to $1,930 (£1,233) yesterday from Friday’s $1,950 (£1,243).

Lead was barely changed at $2,107 (£1,346) from $2,109 (£1,344) on Friday. Nickel was down to $18,270 (£11,676) yesterday from Friday’s $18,325 (£11,677).

Tin was lower at $19,800 (£12,653) from $20,275 (£12,920) on Friday. Zinc dropped to $1,962 (£1,254) yesterday from $1,991 (£1,269) on Friday.

Steel was unchanged on $560 but was up £1 to £358.