Monday, September 29, 2008

UPDATE

UPDATE FOR SEPTEMBER 29

Bank crisis, strong U.S. dollar knock down metals.Copper falls

further after rejection of bailout plan* Aluminium at nine-month

low, lead tumbles 6 percent* CTA selling and firm U.S. dollar

push commodities lower.Copper falls further after rejection of

bailout plan* Aluminium at nine-month low, lead tumbles

6 percent* CTA selling and firm U.S. dollar push commodities

lowerIndustrial metals ran intoadditional liquidation in after-hours

tradeon Monday after aproposed $700 billion financial rescue

packagewas rejected by U.S.lawmakers. The House of Representatives

rejected by a vote of 228-205 a WallStreet bailout bill that would

have authorized the TreasuryDepartment to spend up to

$700 billion to purchase toxic mortgage-backed bonds from

banks in an effort to jump-start stalled capital markets.Copper

for delivery in three months MCU3 on the London MetalExchange

closed down $335 at $6,440 per tonne. After-hours, the metal

fell as low as $6,349.50, its lowest level sincemid-December

2007. In New York, copper for Decemberdelivery HGZ8 plunged

16.80cents, or 5.5 percent, to finishthe session at $2.9065 a lb on

the New York Mercantile Exchange'sCOMEX division. In electronic

business, the contract fell to an18-month low at $2.8530.

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