Metal prices on London metal Exchange continue to drop last week under the weight of a stronger dollar, mixed economic data in the United States and further monetary tightening moves in China, which triggered renewed worries about near term demand prospects in the world's top metals consumer.
In a bid to cool the country's rapidly growing economy and combat inflation, China's central bank surprised markets by raising banks' reserve requirement 50 basis points effective on February 25th 2010, the second such increase this year. The news sparked losses across the broader metals complex, raising concerns about China's ability to continue to lead the global economic recovery.
The dollar rose against the euro after the China news and after a pledge by the European Union to help Greece tackle its fiscal problems did little to quell uncertainty over the country's ballooning sovereign debt. A stronger US currency makes dollar-denominated commodities more expensive for holders of other currencies.
Elsewhere, mixed economic data from the United States offered little support to copper. Sales at US retailers rose more than expected in January, but consumer sentiment slipped in early February, data showed.
London Metal Exchange Rates
Cash Buyer
| Product | 04-Feb | 11-Feb | Change | % |
| Zinc | 2122 | 1998 | -124 | -6% |
| Nickel | 18725 | 17030 | -1695 | -9% |
| Tin | 17040 | 14925 | -2115 | -12% |
| Aluminium | 2061 | 1974 | -88 | -4% |
| Copper | 6853 | 6329 | -525 | -8% |
Change is on February 11th 2010 as compared to February 4th 2010
In USD per tonne
1. Zinc
London Metal Exchange Rates
Cash Buyer
| 04-Feb | 08-Feb | 09-Feb | 10-Feb | 11-Feb |
| 2122 | 2151 | 2147 | 2045 | 1998 |
In USD per tonne
| Date | Rate | Period | Change |
| 11-Feb | 1998 | | |
| 04-Feb | 2122 | WoW | -5.82% |
| 11-Jan | 2579 | MoM | -22.51% |
| 11-Nov | 2155 | QoQ | -7.29% |
| 11-Feb'09 | 1123 | YoY | 77.92% |
In USD per tonne
2. Nickel
London Metal Exchange Rates
Cash Buyer
| 04-Feb | 08-Feb | 09-Feb | 10-Feb | 11-Feb |
| 18725 | 17940 | 17825 | 17400 | 17030 |
In USD per tonne
| Date | Rate | Period | Change |
| 11-Feb | 17030 | | |
| 04-Feb | 18725 | WoW | -9.05% |
| 11-Jan | 18275 | MoM | -6.81% |
| 11-Nov | 17025 | QoQ | 0.03% |
| 11-Feb'09 | 10545 | YoY | 61.50% |
In USD per tonne
3. Tin
London Metal Exchange Rates
Cash Buyer
| 04-Feb | 08-Feb | 09-Feb | 10-Feb | 11-Feb |
| 17040 | 15975 | 15950 | 15490 | 14925 |
In USD per tonne
| Date | Rate | Period | Change |
| 11-Feb | 14925 | | |
| 04-Feb | 17040 | WoW | -12.41% |
| 11-Jan | 17800 | MoM | -16.15% |
| 11-Nov | 14940 | QoQ | -0.10% |
| 11-Feb'09 | 11145 | YoY | 33.92% |
In USD per tonne
4. Aluminium
London Metal Exchange Rates
Cash Buyer
| 04-Feb | 08-Feb | 09-Feb | 10-Feb | 11-Feb |
| 2061 | 2012 | 2022 | 2002 | 1974 |
In USD per tonne
| Date | Rate | Period | Change |
| 11-Feb | 1974 | | |
| 04-Feb | 2061 | WoW | -4.25% |
| 11-Jan | 2320 | MoM | -14.94% |
| 11-Nov | 1938 | QoQ | 1.83% |
| 11-Feb'09 | 1362 | YoY | 44.90% |
In USD per tonne
5. Copper
London Metal Exchange Rates
Cash Buyer
| 04-Feb | 08-Feb | 09-Feb | 10-Feb | 11-Feb |
| 6853 | 6672 | 6610 | 6484 | 6329 |
In USD per tonne
| Date | Rate | Period | Change |
| 11-Feb | 6329 | | |
| 04-Feb | 6853 | WoW | -7.65% |
| 11-Jan | 7680 | MoM | -17.60% |
| 11-Nov | 6595 | QoQ | -4.04% |
| 11-Feb'09 | 3376 | YoY | 87.46% |
In USD per tonne
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