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On the London Metal Exchange, nickel slumped by 4.9% to $US8267 per tonne, a new 12-year low.
Copper and aluminium dropped 2% and 0.7% to $4512.50/t and $1425.50/t respectively, putting the metals back at global financial crisis levels.
Zinc fell 1.2% to $1531/t, despite Chinese smelters announcing production cuts on Friday.
“We note that prices this morning are trading almost where they were on Friday having largely undone the move in response to further output cuts, reinforcing the sense of plentiful supply despite relatively aggressive producer action,” Investec said overnight.
Iron ore slipped again too, falling another 0.4% to $44.75/t, its second consecutive day below $45/t.
The spot price spent just one day in August below $45/t and has dropped below $50/t for 30 days this year.
Precious metals weren’t immune from the losses, with gold below $1070 an ounce.
Markets were mostly weaker too, setting the stage for a soft open in Australia.
The SPI 200 Futures index was 18 points down this morning.
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