COMEX copper hits six-year low
LME (London Metal Exchange) 3M copper fell by 0.46% on November 9 and closed at $4,964 per metric ton. LME copper prices have been in a downtrend since October 15, 2015, due to sluggish Chinese economic growth and global demand concerns.
On November 9, December delivery contracts of copper in COMEX fell by 0.54% and closed at $2.23 per pound. This is the lowest level for COMEX copper since July 13, 2009.
After rising consistently for a week, aluminum fell
LME 3M aluminum fell by 0.72% on November 9, 2015, closing the day at $1,512 per metric ton. After showing consistent gains last week, aluminum fell on November 9 due to weak sentiment surrounding the base metals.
LME 3M nickel fell by 0.5% on November 9 and ended the day at $9,580 per metric ton. LME 3M nickel has been closing at a loss for the past five trading sessions. Since the beginning of the month, nickel has been in a complete downtrend and has fallen by 4.8%.
LME 3M zinc fell by 1% on November 9 and closed the day at $1,644 per metric ton, reaching its lowest level since September 28, 2015. LME 3M zinc’s next support level is $1,600 per metric ton.
On November 9, LME lead and tin fell by 0.15% and 0.44%, respectively. LME tin closed the day at $14,575 per metric ton, which is its lowest price level since September 1, 2015.