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Tuesday, April 21, 2009

Base Metals Pummeled

Apr 21st, 2009 | By Doug Casey | Category: Financial News

The base metals were all gushing red on Monday. Copper was down from the pre-dawn hours straight through the day with only minor interruptions, finishing at its intraday low of $2.061/lb., down 9¾ cents from Friday.

Nickel followed the same path, closing at its intraday low of $5.4758/lb., down more than 25 cents. Zinc was slammed, ending at $0.6506/lb., down nearly 3½ cents. Aluminum was weak, shedding just under 2 cents, to $0.6316/lb., while lead completed the rout, dropping almost 3½ cents, to $0.6591/lb.

Copper led the industrial metals lower, falling the most in two months as the metal followed equities downward and ran counter to the rising dollar, which raises the cost of commodities transactions conducted in the currency.

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