Copper fell to a three-month low on Tuesday, after a mounting emergency at a quake-stricken nuclear plant in Japan sparked a slide across financial markets in which investors abandoned investments perceived as risky. Fear of a nuclear catastrophe in Japan slammed world stock markets, shredding $1 trillion in equity valuations as investors poured money into government bonds. Oil prices dropped sharply as part of move to risk aversion.
Three-month copper on the London Metal Exchange was at $9,075 at 1529 GMT, down from $9,195 a tonne at the close on Monday. It earlier hit $8,950, the lowest since December 16.
Tin was the worst performer, shedding about 7% to a low of $27,800. It was $29,080 at 1532 GMT. "Tin and copper appeared to have had by far the best fundamentals, and those metals that had the strongest fundamentals had the more elevated prices," said Natixis analyst Nic Brown.
Aluminium also fell, to $2,503, from $2,555 at the close on Monday. Inventories of aluminium rose to 4,624,925 tonnes, latest data shows, in sight of a record high of 4,640,750 tonnes hit on Jan. 20 2010.
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