Copper, aluminium, zinc slide on Japan, Germany concernson March 29th, 2011 at 6:58 am
March 29 2011 – LONDON(Commodity Online) : With global concerns mounting on worsening Japan nuclear crisis and Europe’s recovery in question, as German Chancellor Angela Merkel’s coalition lose state elections, copper, aluminium and zinc showed decline.
Three month copper contract on LME dropped for the third day, shedding as much as 1% to touch $9,585.25 a metric ton, and was found trading at $9,600 at 11:41 a.m. Singapore time. Zinc, nickel and tin also slithered, according to Bloomberg.
New York copper futures on the Comex tumbled 1% to $4.376 a pound even as June-delivery on the Shanghai Futures Exchange lost 1.4 %to 71,350 yuan ($10,874) a ton.
The radiation fears in Japan is weighing on the sentiments and growth story there and with Merkel’s Christian Democratic Union losing elections, Euro too shed value.
Aluminum on LME tumbled 0.4 % to $2,630.75 a ton while zinc registered a loss of 0.5% to $2,364.75 a ton.
Lead was down 0.9% to $2,646 a ton and nickel shed 0.9% to reach $26,800 a ton. Tin dropped 0.5% to $31,650 a ton.