The most significant losses of the day were seen in lead, which dropped almost 5% to hit a near-one month low of $2,520/ton, before closing at $2,528/ton, down 4.6% on the day. Lead's losses were exaggerated not only by the metal's relatively illiquid market conditions.
Crude oil futures tumbled Monday amid a broad selloff, after ratings agency Standard and Poor's cut its outlook on U.S. government debt to negative from stable, drawing attention to the mounting debt and political gridlock in the U.S. and sending investors running from riskier assets.
Light, sweet crude oil for May delivery settled $2.54, or 2.3%, lower at $107.12 a barrel on the New York Mercantile Exchange.
Brent crude oil for June delivery on the ICE futures exchange settled $1.84 lower at $121.61 a barrel. Gold settled at a record high while silver reached fresh 31-year highs as investor demand for safe-haven assets propelled prices after the S&P move.
The thinly traded April-delivery gold contract settled at a record $1,492.30 a troy ounce, up 0.5% or $7, on the Comex division of the New York Mercantile Exchange. The most actively traded contract, for June delivery, settled at a record $1,492.90 a troy ounce, up $6.90 or 0.5%. For the latest updates PRESS CTR + D or visit Stock Market news Today
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