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Copper prices slipped on Monday alongside equity markets as credit worries haunted investors and the market waited for the US Federal Reserve's verdict on interest rates and economic growth.
Copper for delivery in three months on the London Metal Exchange ended the day at $7,500 a tonne, down $50 from Friday, when it hit a one-month high of $7,622 a tonne. "Metals are falling because of weaker equities," analyst David Thurtell at BNP Paribas said.
European shares fell more than 1 percent while Britain's FTSE index lost 1.7 percent and the US stocks extended losses pushing the Nasdaq down 1 percent. London-listed miners succumbed to the pessimism on equity markets after Britain's biggest casualty of the global credit squeeze, mortgage lender Northern Rock, plunged more than 30 percent BHP Billiton, Rio Tinto, Xstrata and Anglo American all ceded between 0.7 and 1.7 percent.
The US Federal Reserve is widely expected on Tuesday to cut benchmark interest rates, currently at 5.25 percent, by at least a quarter percentage point with some analysts calling for a bigger cut of half a percentage point.
"The Fed news is important, equity markets are weaker ... Metals are economically geared," said Nick Moore, analyst at ABN Amro. "Copper is supported by the inventory drawdown." Stocks of copper in LME warehouses fell 2,000 tonnes to 133,750 tonnes, about three days' global consumption. Representatives of Southern Copper Corp and its unions were called to the Peruvian Labour Ministry to try to avert a strike over wages, officials said.
Aluminium closed $35 down at $2,395 a tonne, after touching an 18-month low of $2,390. Prices have been driven down by a deluge of new short - bets on lower prices - positions, rising inventories and expectations of much higher supplies.
Stocks of aluminium rose 6,150 tonnes to 907,300 tonnes, the highest since the middle of July 2004 and equivalent to about 10 days global consumption. Analysts said the market was on alert for production data from the International Aluminium Institute later this week.
Some expect falling aluminium demand from the United States to be offset by higher demand from China, but Jon Bergtheil, analyst at J.P. Morgan disagrees with this idea. Nickel was higher at $29,000 a tonne from $28,600 on Friday and tin was last quoted at $14,800/14,850 versus at $14,875/14,900.
Zinc was $60 softer at $2,780/2,785. Prices are down about 35 percent since July's $3,780 high. Lead stocks fell 675 tonnes to 22,750 tonne, little more than one days global consumption.

Copyright Reuters, 2007

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