Bulletins
MARKET COMMENTARY
Industrial metals slid on 12th May 2010 on doubts about a $1 trillion emergency rescue plan to stabilise the euro, and the longer-term demand outlook in Europe and in China, the world's largest consumer. Copper for three-month's delivery on the London Metal Exchange traded at $6,910 a tonne in official rings from a close of $7,120 per ton on 10th May 2010 when the metal used in power and construction rose $180 per ton.
Nickel and lead earlier fell more than 5 percent, while zinc and aluminium fell more about 4 percent and copper fell nearly 3 percent. "The markets are being a bit cynical and rightly so," Alex Heath, head of base metals at London's RBC Capital Markets, said of the rescue package. There is an awful lot of hard work and belt-tightening to be done," he added. "The markets have factored in a recovery that hasn't been achieved yet." Copper fell to as low as $6,632.75 last week, its weakest since mid February, on concerns that debt problems in Greece could spread to other countries and as equities skidded. Also pressuring metals, the euro and other major currencies fell against the dollar, making dollar-priced metals costlier for non-U.S. investors.
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