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Fearing a double dip, copper prices fell nearly 7%
Date update: 14/12/2011

Copper has experienced the biggest drop in sessions 1 month amid fears the global economic recession and double doubt Europe will soon be able to resolve debt.

Red metal - often seen as an indicator reflecting the economic conditions - were influenced heavily by the specter of recession. Price is influenced by the plentiful supply due to the increased surplus in the first 8 months and the second largest copper mine in Indonesia, said the world still works 2 / 3 capacity despite a strike occurs.

On the London Metal Exchange (LME), three-month copper futures lost 6.6% ie 475 USD to $ 6,735 in past sessions / ton - the biggest drop since 22 / 9 when the price dropped 7.5% .

On the Comex in New York, copper delivery in December down 6.2% to $ 3.0575 / lb.

So this week, in LME copper prices lost nearly $ 1,000, from $ 7,660 / tonne on Monday.

Stephen Briggs, analyst at BNP Paribas bank, said that the market for base metals do not fluctuate based on the more basic elements, which mainly depends on the macroeconomic outlook.

According to Briggs, Europe will find a solution to the debt, but it is clear that markets remain skeptical until they see an official action.

The other metals traded on the LME yesterday Offers from 3 to 6%, in which groups of 97 USD is $ 2,085 / ton, lead decreased 81 USD to $ 1,789 / ton, down 800 USD nickel to $ 18,000 / ton and tin price decreased to $ 21,200 725 USD / ton. Prices of lead, zinc and aluminum are the lowest level since September last year.

                                                                                                                                               Minh Van