Industrial metals were hammered on Monday as investors dumped positions to seek refuge in safer assets after Lehman Brothers filed for bankruptcy.
Aluminium sank more than three percent to its lowest since end-January, copper neared its eigh-month low while zinc plummeted almost 10 percent at one point. Nickel fell to its lowest in more than a month. Copper for delivery in three months on the London Metal Exchange was at $6,820 per tonne in the open outcry trade, down $302 from Friday’s close of $7,122 per tonne.
Metals markets were already under pressure after copper and aluminium touched record highs earlier this year. Aluminium lost $93 to $2,572 per tonne while nickel fell to $18,000/18,005 per tonne from $19,250 on Friday. Tin slipped to $18,500 per tonne from $19,450 while lead shed $130 to $1,810 and zinc slipped $155 to $1,730.
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