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Metal: Copper plunges as Italian crisis puts fear into metals markets

Thu, 10 Nov 2011

The political vacuum in Italy and Greece, and bond yields for Italian debt rising above 7.5 per cent has panicked the metal markets.

This morning, copper had slumped to $7,485 (£4,682) on the LME at 10:03am.

Yesterday, three month copper had fallen to $7,694 (£4,812) compared to Tuesday’s $7,835 (£4,875).

Aluminium was actually up yesterday to $2,127 (£1,330) from Tuesday’s $2,111 (£1,314). Alloy was down a touch on Wednesday to $2,055 (£1,285) from $2,060 (£1,282) a day earlier.

Lead dropped to $1,990 (£1,245) yesterday from Tuesday’s $2,018 (£1,256). Nickel fell to $18,200 (£11,384) on Wednesday from $18,555 (£11,546) a day earlier.

Tin was down to $21,750 (£13,604) from Tuesday’s $22,175 (£13,798). Zinc was lower at $1,954 (£1,222) from $1,960 (£1,220) a day earlier.

Steel was unchanged at $525 but was up £1 to £328. 

Author: Paul Sanderson

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