March 15, 2011
London copper fell more than
1 percent on Tuesday, after Japan warned of high radioactive
levels following blasts at a quake-stricken nuclear plant,
dampening sentiment across financial markets.
Japan's prime minister, Naoto Kan, said radioactive levels
had become high around the Fukushima nuclear plant after
explosions at two reactors, as a minute level of radiation was
detected in Tokyo.
Japanese stocks plunged 10.6 percent, posting the worst
two-day losing streak since 1987, while Brent crude oil fell 2
percent.
Three-month copper on the London Metal Exchange
reversed early gains to shed 1.4 percent at $9,068.25 a tonne by
0701 GMT.
The volatile market has caused trading volume to spike, with
the exchange's electronic trading platform registering over
8,500 lots, more than double its average volume during Asian
hours.
Shanghai's most active copper futures contract
ended down 1 percent at 68,630 yuan ($10,446), still off the
three-month low of 68,250 yuan hit in the previous session.
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