Aug 10, 2011 (Dow Jones) -- --LME metals slide into PM close as stock markets tumble
--LME copper ends session 1.6% lower
By Rhiannon Hoyle
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Base metals closed mixed Wednesday after fresh euro zone debt fears and a slump across the stock markets dragged them from their earlier highs.
Three-month copper closed the session down 1.6% at $8,590 a metric ton, after having risen as high as $9,005/ton earlier in the day.
Risk appetite took a hit during afternoon trading hours in London as investors fretted over European banks and digested the U.S. Federal Reserve's downbeat assessment of the economy.
"This morning's rise appears to have been nothing more than a dead cat bounce, and it looks like we could see further falls ahead," said a trader. "One thing's for sure, these fiscal problems [in Europe and the U.S.] aren't going anywhere."
Three-month lead, however, managed to hold in positive territory, while three-month zinc finished the session unchanged.
Prices in dollar a metric ton.
3 Months Metal Bid-Ask Change from
Tuesday PM kerb
Copper 8590.0-8595.0 Dn 141
Lead 2275.0-2280.0 Up 21
Zinc 2100.0-2100.5 Unchanged
Aluminum 2396.0-2396.5 Dn 10
Nickel 20970.0-20980.0 Dn 235
Tin 22745.0-22750.0 Dn 5
Aluminum Alloy 2260.0-2270.0 Unchanged
Aluminum Alloy-NASAAC 2440.0-2445.0 Unchanged