Copper, aluminium, zinc slide on Japan, Germany concerns

LONDON, Mar 28 (Commodity Online): With global concerns mounting on worsening Japan nuclear crisis and Europe's recovery in question, as German Chancellor Angela Merkel's coalition lose state elections, copper, aluminium and zinc showed decline. Three month copper contract on LME dropped for the third day, shedding as much as 1 per cent to touch $9,585.25 a metric ton, and was found trading at $9,600 at 11.41am Singapore time. Zinc, nickel and tin also slithered, according to Bloomberg. New York copper futures on the Comex tumbled 1 per cent to $4.376 a pound even as June-delivery on the Shanghai Futures Exchange lost 1.4 per cent to 71,350 yuan ($10,874) a tonne. The radiation fears in Japan is weighing on the sentiments and growth story there and with Merkel's Christian Democratic Union losing elections, Euro too shed value. Aluminum on LME tumbled 0.4 per cent to $2,630.75 a tonne, while zinc registered a loss of 0.5 per cent to $2,364.75 a tonne. Lead was down 0.9 per cent to $2,646 a tonne and nickel shed 0.9 per cent to reach $26,800 a ton. Tin dropped 0.5 per cent to $31,650 a tonne.