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Base metals weak in LME pre-market after Tuesday's kerb selling

February 24, 2010 - 10:44 GMT Location: London

KEYWORDS: clementine wallop , copper , nickel , cobalt , london metal exchange

Base metals prices fell in early trading on the London Metal Exchange as sentiment remained weak after heavy selling in Tuesday’s kerb trading

Three-month copper opened at $7,135 per tonne after settling at $7,260/61 per tonne in Tuesday’s officials. The contract traded no higher than $7,190 per tonne and was changing hands for $7,120 per tonne at 09:00 GMT. Prices crumbled in kerb trading on Tuesday as US consumer confidence data showed continued weakness in the US economy ahead of the congressional testimony by US Federal Reserve chairman Ben Bernanke later on Wednesday. US consumer confidence dropped 10.5 points in February to 46.0, according to business research firm the Conference Board. “US consumer confidence came in very weak at 46. Expectations were 55.0 — a modest decline from 55.9 the month prior. Major currencies, equities and commodities all reacted with a risk aversion tone. It was like a ‘sell...

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