on reports of US automakers preparing for factory shutdowns. Aluminum declines 1.5%, Copper declines 4.5% to a 4-year low, Lead declines 10%, Nickel down 5%. World Steel says that global steel production fell
Commodity markets continue to plunge to lower and lower levels. Central to the market performance is demand-side concerns that have continued to receive focussed attention. Producers are responding to price declines by cutting output.
The recent financial crisis in the US has hit sentiments in the commodity markets with open interest reducing drastically in the last few months, said Mr Paul Horsnell, Managing Director-Head (Commodities), Barclays Capital, the third largest commodity player after Goldman Sachs and Morgan Stanley.