Base metals fall sharply, fund sales cause havoc
news.yahoo.com
LONDON (Reuters) - Prices of industrial metals were battered by a fresh round of investment fund sales on Friday, increasing jitters in markets that were still reeling from aggressive selling earlier this week.
On the London Metal Exchange (LME), the world's largest non-ferrous metals market, copper fell as low as $4,770 a tonne from the $5,017 Thursday close, the lowest since January 27, before ending at $4,840, a $177 loss, or some 3.5 percent.
Aluminum hit $2,490 in the sell-off, before ending at $2,530, down $116, or around 4.5 percent, while other major metals zinc lost six percent, lead shed nearly seven percent, while nickel was nearly six percent lower.
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