Copper prices tumbled to six-year lows on Monday alongside Shanghai equities on growing nervousness about economic activity and demand prospects in top industrial metals consumer China. Benchmark copper on the London Metal Exchange earlier fell nearly 4 per cent to $4,855 a tonne. The metal used in power and construction ended at $4,953 a tonne from $5,055 at Friday's close. "The market fears a severe deterioration in Chinese demand. The perception that the Chinese government can control what is going on in the economy has been shattered," said Carsten Menke, commodities analyst at Julius Baer. Three-month aluminium fell 2.7 per cent to $1,506, its lowest since June 2009. The metal used in transport and packaging ended at $1,521.5, down from $1,548 on Friday. Zinc and lead hit five-year lows of $1,694 and $1,618 respectively. Zinc fell to $1,707 from Friday's $1,767 and lead dropped to $1,659 from $1,702. Tin slid six per cent to $14,000, its lowest since July 13. It ended at $14,050, against Friday's $14,900.
The soldering metal has been under renewed pressure on expectations of rising shipments from top exporter Indonesia after PT Timah, the country's top tin miner, was granted government clearance to resume exports.
The soldering metal has been under renewed pressure on expectations of rising shipments from top exporter Indonesia after PT Timah, the country's top tin miner, was granted government clearance to resume exports.