Metals fall on European woes, stock market decline

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Metals fall on European woes, stock market decline

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Metal prices fell on growing concerns about the European financial crisis.

10 November,2011 02:02 am

The prices of industrial metals like copper and palladium fell sharply Wednesday. The drops were in tandem with the U.S. stock market, which plunged on concerns that economic growth will slow. That would reduce demand for raw materials like copper.Copper for December delivery fell 2.6 percent to close at $3.441 per pound. December palladium dropped 3.3 percent to close at $654.85 an ounce. January platinum lost almost 2 percent to finish at $1,643.70 an ounce.The Dow Jones industrial average was down 3.3 percent Wednesday afternoon. Markets fell on worries that Europes financial crisis might worsen after borrowing costs in Italy rose and talks collapsed in Greece on forming a new government.