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.
Monday, September 29, 2008
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