Metals futures fall to intraday limits in Shanghai
8 October 2008
Copper, zinc and aluminum futures all fell by the 4% one-day limit in Shanghai on Tuesday, feeling the effects of metal price drops in international markets last week while China's markets were closed for the National Day holiday, state media reported. Copper for December delivery on the Shanghai Futures Exchange fell to RMB51,210 (US$7,518) a metric ton when trading opened in the morning, while zinc and aluminum dropped to RMB13,670 (US$2,007) and RMB14,905 (US$2,189) a ton, respectively. Last week commodities plunged further than they had in over 50 years. Copper dropped by 11% on the London Metal Exchange and copper futures in New York fell 13% on worries that the United States' US$700 billion financial bail-out plan would not prevent a recession.