Copper fell on Wednesday, posting its lowest close in more than 8 months as equity markets slid and investors sold the industrial metal on growing concern about the demand outlook in a slowing economy. Some investors sold off copper holdings to raise money to meet margin calls in equities and other markets.
With copper generally regarded as an indicator of global growth, the metal often trails moves in equity markets. Benchmark September copper futures also finished at a low dating back to December 1. It settled down 8.15 cents, or 2.05 percent, at $3.8885 per lb., having risen earlier to $4.0730 per lb. After hours, it traded 6.90 cents, or 1.74 percent, lower at $3.9025 per lb.
Copper prices also fell, and the decline accelerated as more investors exited positions taken at much higher levels. Aluminium inventories in the Dutch port of Vlissingen jumped by 195,850 tonnes, in the biggest single-day inflow into LME warehouses, data showed n Wednesday.
Tin rose over 5 percent to $23,995 a tonne, before dropping to $22,745 from Tuesday's close of $22,775. At the start of the year, tin's tight fundamentals suggested it would be a star performer this year, attracting speculative inflow. Zinc closed flat at $2,100 a tonne, while nickel fell to $20,975 from $21,205. Lead climbed to $2,275 a tonne from Tuesday's close of $2,254.
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