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Base Metals Bleed
Doug Casey (February 23rd, 2009) Writes:
The base metals were all splashed with red on Friday. Copper cratered during the pre-dawn hours, and was still at its lows after the noon hour, but it staged a late rally that took it back to finish at $1.4519/lb., down only 2 cents.
Nickel was down all day long, barely coming off its intraday low to close at $4.2502/lb., down more than 17 cents. Zinc fell in the pre-dawn hours, rallied into the afternoon, but then lost it all and ended at its intraday low of $0.4785/lb., down a penny and a half. Aluminum was also a daylong loser, giving up a penny and a third, to $0.5736/lb., while lead plummeted to $0.4553/lb., down 2½ cents.
Copper posted another weekly decline, as skyrocketing stockpiles served as a stark indicator of global economic weakness.
Inventories monitored by the LME surged 17,350 metric tons yesterday, to 545,600 tons, a more than 5-year high.
The build
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