LME base metal drops as IMF cuts growth outlook

BY  | FROM Xinhua | 2014-10-09 10:40

  LONDON, Oct. 8 (Xinhua) -- The base metal prices on the London Metal Exchange (LME) closed lower on Wednesday.

  The base metals prices declined after the International Monetary Fund (IMF) cut its forecast for global economic growth, sparking concern that demand for industrial metals will shrink.

  The IMF cut its global growth expectations to 3.3 percent for this year and 3.8 percent for next year. In July it had expected growth of 3.4 percent in 2014 and 4 percent in 2015.

  The Washington-based institution also warned of weaker growth in core euro-zone countries.

  The three-month unofficial copper price dropped 53 U.S. dollars, or 0.79 percent, to 6,641 U.S. dollars per tonne.

  The three-month unofficial aluminium price lost 17 U.S. dollars, or 0.87 percent, to 1,932 U.S. dollars a tonne.

  The three-month unofficial lead price lost 31.5 U.S. dollars, or 1.49 percent, to 2,079.5 U.S. dollars a tonne.

  Besides, the three-month unofficial zinc price lost 12 U.S. dollars, or 0.51 percent, to 2,323 U.S. dollars a tonne.

  The three-month unofficial nickel price lost 312.5 U.S. dollars, or 1.85 percent, to 16,575 U.S. dollars a tonne.

  The three-month unofficial tin price lost 137.5 U.S. dollars, or 0.67 percent, to 20,275 U.S. dollars a tonne.

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