Base Metals Including Lead Fall
Industrial metals sank as investors scrambled to sell with the announcement of Lehman Brothers’ file for bankruptcy.
The US financial system faced an unprecedented shake-up as Bank of America announced it would buy Merrill Lynch, AIG was reported to be seeking help from the Federal Reserve, and the Fed said for the first time it would accept stocks in exchange for cash loans.
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European markets have been heavily sold off, US futures fell and despite the weakening dollar metals still dropped.
It’s going to be unpredictable, erratic and choppy,” said analyst Robin Bhar at Calyon. “(It is) a shock to have two banks literally disappear.”
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Lead fell from $1,852 to $1,842.
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Mon, Sep 15, 2008
Post by Melissa Pistilli, Lead Senior Reporter