Summary Box: Metals plunge on worries about debt

AP News
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Posted: Nov 21, 2011 4:33 PM
Summary Box: Metals plunge on worries about debt

METALS PLUNGE: December palladium fell $19.35, or 3 percent, Monday to close at $585.80 an ounce. January platinum lost $44.90, or nearly 3 percent, to settle at $1,543.80 an ounce. Copper for December delivery dropped 9.9 cents, or nearly 3 percent, to $3.3030 per pound.

DEBT WORRIES: Markets dropped after a special U.S. congressional committee seemed close to failing in its effort to cut the federal budget deficit by $1.2 trillion over 10 years. Also Monday, ratings agency Moody's said it might downgrade France's debt rating.

OIL FALLS: Benchmark crude oil lost 75 cents to end at $96.92 per barrel on the New York Mercantile Exchange.