LME Copper declines on global growth woes
Metal Recycling News | 2012-10-11 06:12:55
London Metal Exchange (LME) copper fell for a fourth straight session on Wednesday as worries about the global economy and a bleak demand outlook offset hopes for pro-growth policies from top metals consumer China.
By Paul Ploumis
LONDON (Scrap Monster): London Metal Exchange (LME) copper fell for a fourth straight session on Wednesday as worries about the global economy and a bleak demand outlook offset hopes for pro-growth policies from top metals consumer China.
LME aluminium dropped to a one month low, weighed down by the cautious mood and after top U.S. aluminium producer Alcoa Inc cut its global demand growth forecast this year due to the slowdown in China.
Zinc and lead prices also touched one month lows on Wednesday. LME nickel touched its weakest for three weeks and tin fell to its cheapest for a week on Wednesday.
LME Price Highlights:
--Aluminium alloy declined 0.76% to $1891 a metric ton
--Aluminium dipped 2.68% to $1991 per metric ton
--Copper fell 0.1% to $8124 a metric ton
--Lead declined 1.22% to $2214.50 per metric ton
--Nickel declined 1.08% to $17730 per metric ton
--Tin advanced 1.87% to $21680 per metric ton
--Zinc slipped 2.47% to $1951.50 a metric ton
– Steel fell 1.32% to $334.50 per metric ton
The LME metal prices in US $ per metric ton as on October 10, 2011. The figures in brackets refer to prices that prevailed on the previous day.
Metals | Aluminium Alloy | Aluminium | Copper | Lead | Nickel | Tin | Zinc | Steel |
Cash buyer | 1891.00 | 1991.00 | 8124.00 | 2214.50 | 17730.00 | 21680.00 | 1951.50 | 334.50 |
Cash seller | 1892.00 | 1992.00 | 8124.50 | 2215.00 | 17735.00 | 21685.00 | 1952.00 | 335.50 |
3 M buyer | 1910.00 | 2020.00 | 8127.00 | 2220.00 | 17825.00 | 21700.00 | 1992.00 | 350.00 |
3 M seller | 1920.00 | 2021.00 | 8128.00 | 2221.00 | 17830.00 | 21725.00 | 1992.50 | 355.00 |
