Copper drops $515 per tonne in London

Metals prices fell significantly Friday after equities markets plunged globally on concerns that a recession is inevitable.

The price of copper is now down 46 percent since it set a record high in July, falling $515 to $4,800 per tonne in London after going as low as $4,570 per tonne, a 14 percent drop to near a three-year low, while December copper in New York dropped 26 cents to $2.14 per pound.

Also hurting copper prices was new data showing that Shanghai Futures Exchange warehouses stockpiles have jumped by 59 percent at a time when base metals orders have nearly disappeared.

Zinc was down $58 to $1,440 per tonne after falling to $1,270 per tonne earlier, while aluminium was $92 lower to $2,215 per tonne, lead fell $185 to $1,475 per tonne and tin dropped $700 to $14,050 per tonne.

The price of nickel fell as much as 17.9 percent during the session to $11,000 per tonne before rebounding to drop $1,225 to $12,175 per tonne.

Meanwhile, gold and silver prices fell as investors sold metals to cover losses in plunging equities markets.

December gold dropped $27.50 to $859 per troy ounce in New York while December silver was down $1.28 to $10.60 per troy ounce and January platinum fell $38.50 to $1,005.20.

Silver lost around 11 percent on the session.