Base metals lost a lot of shine at LME last week as investors lost confidence while European Union cut its growth forecast for next year by more than half amid the struggle to contain the debt crisis and Chinese growth continued to cool down.
The European Commission said last week that GDP may expand by 1.5% this year and 0.5% in 2012 down from projected expansion at 1.6% and 1.8%, respectively.
Chinese metal exports also climbed at the slowest pace in almost two years, signaling cooling growth.
Robin Bhar, an analyst at Credit Agricole, said “The metals markets remain driven by broader economic and sovereign debt concerns. Constructive fundamentals have been sidelined by a renewed intensification of funding stress in money markets.”
London Metal Exchange Rates
Cash Buyer
| Product | 03-Nov | 10-Nov | Change | % |
| Zinc | 1922 | 1882 | -40 | -2% |
| Nickel | 18695 | 18145 | -550 | -3% |
| Tin | 22080 | 21280 | -800 | -4% |
| Aluminium | 2123 | 2112 | -12 | -1% |
| Copper | 7845 | 7455 | -390 | -5% |
Change is on Nov 10th as compared to 3rd Nov 2011
In USD per tonne
1. Zinc
London Metal Exchange Rates
Cash Buyer
| 03-Nov | 07-Nov | 08-Nov | 09-Nov | 10-Nov |
| 1922 | 1911 | 1952 | 1945 | 1882 |
In USD per tonne
| Date | Rate | Period | Change |
| 10-Nov | 1882 | | |
| 03-Nov | 1922 | WoW | -2.06% |
| 10-Oct | 1903 | MoM | -1.10% |
| 10-Aug | 2150 | QoQ | -12.47% |
| 10-Nov'10 | 2513 | YoY | -25.11% |
In USD per tonne
2. Nickel
London Metal Exchange Rates
Cash Buyer
| 03-Nov | 07-Nov | 08-Nov | 09-Nov | 10-Nov |
| 18695 | 18605 | 18560 | 18180 | 18145 |
In USD per tonne
| Date | Rate | Period | Change |
| 10-Nov | 18145 | | |
| 03-Nov | 18695 | WoW | -2.94% |
| 10-Oct | 18830 | MoM | -3.64% |
| 10-Aug | 22050 | QoQ | -17.71% |
| 10-Nov'10 | 24345 | YoY | -25.47% |
In USD per tonne
3. Tin
London Metal Exchange Rates
Cash Buyer
| 03-Nov | 07-Nov | 08-Nov | 09-Nov | 10-Nov |
| 22080 | 21900 | 22195 | 21780 | 21280 |
In USD per tonne
| Date | Rate | Period | Change |
| 10-Nov | 21280 | | |
| 03-Nov | 22080 | WoW | -3.62% |
| 10-Oct | 22950 | MoM | -7.28% |
| 10-Aug | 23775 | QoQ | -10.49% |
| 10-Nov'10 | 27000 | YoY | -21.19% |
In USD per tonne
4. Aluminium
London Metal Exchange Rates
Cash Buyer
| 03-Nov | 07-Nov | 08-Nov | 09-Nov | 10-Nov |
| 2123 | 2117 | 2092 | 2108 | 2112 |
In USD per tonne
| Date | Rate | Period | Change |
| 10-Nov | 2112 | | |
| 03-Nov | 2123 | WoW | -0.54% |
| 10-Oct | 2185 | MoM | -3.36% |
| 10-Aug | 2408 | QoQ | -12.31% |
| 10-Nov'10 | 2430 | YoY | -13.11% |
In USD per tonne
5. Copper
London Metal Exchange Rates
Cash Buyer
| 03-Nov | 07-Nov | 08-Nov | 09-Nov | 10-Nov |
| 7845 | 7775 | 7820 | 7672 | 7455 |
In USD per tonne
| Date | Rate | Period | Change |
| 10-Nov | 7455 | | |
| 03-Nov | 7845 | WoW | -4.97% |
| 10-Oct | 7313 | MoM | 1.94% |
| 10-Aug | 8853 | QoQ | -15.79% |
| 10-Nov'10 | 8728 | YoY | -14.59% |
In USD per tonne
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