August 22, 2008

Base metal prices fall on LME last week

After the US Federal Reserve Board announced to decrease the discount rate to 3.25% all base metal prices on the LME were dropped last week.

Many investors think this is a sign that US economic will decline in the near future. The three month price of nickel decreased by 2.9% to USD 28,550 per tonne last week.

On the other hand, the three month price of copper dropped by 2.6% to USD 7,840 per tonne. Aluminum was down by 3.6% to USD 2,843 per tonne. Besides, the three month price of zinc dropped by 3.6% to USD 22,270 per tonne.

(Sourced from YIEH.com)