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MF Global Daily Report: Base Metals (Aug. 10, 2011)
Aug 10,2011 09:42CST
industry news
Source:SMM
It was another bloody day in the markets yesterday, as the selling picked up in practically all complexes, except for gold,

Aug. 10 (MF Global) -- This market comment was written at 7:55 a.m. on August 9th, US east coast time...

It was another bloody day in the markets yesterday, as the selling picked up in practically all complexes, except for gold, which marched on to another record high of $1720, its 11th record in 19 sessions. Oil was selling off in chunks not seen since the 2008-2009 financial crisis, with WTI losing $5.50 on the day and testing $80 -- an eight month low -- before recovering slightly by the close. Grains plunged as well, as did base metals, with copper leading the sell-off, falling 3% for a fourth straight day of losses. Nickel, lead, and tin were all hit hard, although aluminum sustained less damage. The most intense selling occurred in the US equity markets, where the Dow Jones Industrial Average plunged by a nauseating 635 points after a rally attempt in the afternoon faltered.

 

base metals

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