Copper tumbles most in five months

Copper fell 2.2% to $7,591.50 a metric tonne on LME

Copper declined for a second day to a four-month low as an unprecedented levy on bank deposits in Cyprus threatens to plunge Europe back into crisis, curbing demand for metals. Aluminum, nickel, tin, lead and zinc dropped.

Market News
The euro fell to its lowest level this year, while stocks, oil and copper slumped, as an unprecedented levy on Cyprus's bank savings threatened to throw Europe back into crisis. The yen, gold and treasuries climbed.

Europe braced for renewed turmoil as outrage in Cyprus over an unprecedented levy on bank deposits threatened to derail the nation's bailout. The euro tumbled.

China's new home prices posted the broadest advance since December 2011, a test for new Premier Li Keqiang as he seeks to prevent a bubble without damping economic growth.

The cost of insuring corporate and sovereign bonds in the Asia region against non-payment surged as a levy on Cyprus bank deposits spurred renewed turmoil in Europe. Taiwan Semiconductor Manufacturing Co. hired banks for a possible dollar-denominated offering.

Government bonds of the US, Japan and Australia advanced as an unprecedented levy on bank deposits in Cyprus threatens to reignite the euro region's debt crisis, boosting demand for haven assets.

Metals News

Commodities fell by the most in two weeks as outrage in Cyprus rekindled concern that Europe's debt crisis may deepen, hurting demand prospects for raw materials from oil to copper. Copper declined for a second day to a four-month low as an unprecedented levy on bank deposits in Cyprus threatens to plunge Europe back into crisis, curbing demand for metals. Aluminum, nickel, tin, lead and zinc dropped.

Steel reinforcement-bar futures traded near the lowest level in three months as Chinese inventory is piling up while mills continue to increase output.

Investors increased wagers on a commodity rally by the most in eight months as signs of a U.S. economic recovery bolstered the outlook for demand and drove rallies in crude oil, cotton, copper and gold.

Metals Prices
Copper fell 2.2 per cent to $7,591.50 a metric ton at 6:44 am on the London Metal Exchange. Relative strength index 32. Aluminum decreased 1.3 per cent to $1,938 a tonne. Nickel dropped 2.1 per cent to $16,550 a ton. Lead declined 1.8 per cent to $2,180 a tonne.