“Zinc fell from a one-year high in London and copper erased a gain as European equities slid amid concern about a revival of the region’s sovereign-debt crisis.
The Stoxx 600 Europe Index of shares declined as much as 0.6 percent and the euro weakened against the dollar. Spanish and Italian bonds retreated amid signs of political turmoil in the countries. A gauge of euro-area manufacturing released Feb. 1 by Markit Economics was below the level of 50 separating contraction and expansion for an 18th month in January.
“Obviously there are key risks, such as the potential for another sovereign crisis in Europe,” Nicholas Brooks, head of research and investment strategy at ETF Securities, said by phone today.
Zinc for delivery in three months dropped 0.4 percent to $2,167.50 a metric ton on the London Metal Exchange by 7:52 a.m. New York time. Prices reached $2,190, the highest since Jan. 27, 2012. Copper for delivery in three months declined 0.1 percent to $8,271 a ton, while the metal for delivery in March fell 0.5 percent to $3.767 a pound on the Comex in New York….”
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