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| Commodity News |
| HeadLine : |
Copper sinks below $5,000 a tonne as virus panic sees metals give up gains |
| Date : |
Mar 19 2020 |
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Three-month copper on the London Metal Exchange was earlier on course to snap two days of steep losses as it rose up to 0.9% before plunging suddenly and sharply. It fell as much as 3.7% to $4,952 a tonne, the lowest since Nov. 4, 2016. Nickel, zinc, lead and tin all added more than 2% in early trade but zinc also turned negative, hitting $1,847 a tonne, its lowest since May 2016. Aluminium sank to $1,631.50, its lowest since October 2016. Prices had earlier been supported by miners’ move to shutter and wind down operations in Peru after the South American country declared a state of emergency and likely supply chain disruptions in neighbouring Chile, the world’s top copper producer. The LME plans to suspend open-outcry trading next week and shift all business to its electronic system for the first time.
Source :CNBC
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