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15 September 2008


Industrial metals tumble on financial havoc

Source: Reuters

* Lehman filing for bankruptcy sparks cross-asset sell-off
* Bank of America agrees to buy Merrill Lynch
* Metals knocked by financial turmoil
* Weak dollar fails to support metals

Industrial metals prices sank on Monday as investors dumped positions to seek refuge in safer assets after Lehman Brothers filed for bankruptcy.

Copper for three-months delivery on the London Metal Exchange MCU3 was at $6,975/6,995 per tonne by 0928 GMT, down from Friday's close of $7,122 per tonne.

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