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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 09/26/2007 : 10:44:56
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Copper slips but zinc shines
26 Sep, 2007, 0303 hrs IST, REUTERS
LONDON: Copper fell below the key $8,000 level on Tuesday as investors cashed in profits ahead of US economic data while lead dropped 2% after a recent rally.
European stocks were lower, with London-listed miners like BHP Billiton and Rio Tinto dropping more than 3%. Copper for three-month delivery on the London Metal Exchange was at $7,975 a tonne in the open outcry session, down $65 from Monday and versus an earlier two-month high of $8,070.
Investors were watching for US home sales and consumer confidence data due later in the day. The market was watching closely for news of the health of the US economy, the world’s largest, which investors fear could drag down demand for industrial metals.
These worries were reflected in comments by International Monetary Fund MD Rodrigo Rato in Madrid on Tuesday. Rato said most of the impact of the global credit crunch would be felt in 2008 and the US would be hardest hit.
In other metals, three-month lead rose as high as $3,475 a tonne, only $25 away from its record high of $3,500 it hit in July, before falling 2%. Nickel stood at $32,850 a tonne, down $250 from Monday, while zinc shed $15 to $2,890. Aluminium was $28 firmer at $2,437, while tin was flat at $15,400.
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Copper slips/ zinc shines
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