| From The Australian: Base metals fell further in after-hours trade after a proposed $US700 billion financial rescue package was rejected by US lawmakers. The House of Representatives rejected by a vote of 228-205 a Wall Street bailout bill that would have authorised the Treasury Department to purchase toxic mortgage-backed bonds from banks in an effort to jump-start stalled capital markets.
Industrial metals were slammed following the decision. “You're seeing some heavy selling ... long liquidation and some fresh fund selling in here,” said Michael Gross, futures analyst with Optionsellers.com. Copper for delivery in three months on the London Metal Exchange closed down $US335 at $US6440 per tonne. After-hours, the metal fell as low as $US6349.50, its lowest level since mid-December 2007..... Full Article: Source
|