Copper set for record weekly drop
LONDON: Copper was steady on Friday, after dropping to its weakest level since February 2007, while other metals hit multi-month lows on fears about demand and a worldwide slowdown of economic growth.
Copper prices were down around 15 percent so far this week, eclipsing the previous record weekly loss of 13.2 percent in August 1980, after a series of dismal US data pointed to economic slowdown in the United States.
Aluminium, mainly used in packaging, construction and in the automotive sector, was at $2,300/2,310 a tonne, down $1 from Thursday, after touching a 32-month low of $2,261 earlier.
Zinc touched $1,569 a tonne, the lowest level since Nov 2005, before trading at $1,560/1,580, down $20 from Thursday.
Nickel hit a low of $14,900, the lowest level since March 2006, before trading at $15,275, down $25 since Thursday. Lead dropped to a two-month low of $1,662.25 a tonne before recovering to $1,705/1,720, up $5 from Thursday’s close. Tin traded at $16,855, up $120 from Thursday’s close. Earlier, it hit $16,450, the lowest point since February. reuters
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