Metal futures fall on Europe worries (AP)

Metals prices are falling on worries that the European financial crisis could deepen and slow global economic growth.

December palladium fell nearly 2 percent Wednesday to close at $654.45 an ounce. January platinum fell nearly 1 percent, to $1,631.20 an ounce.

Copper for December delivery dropped less than 1 percent to close at $3.4845 per pound.

Traders worried that higher borrowing rates for Italy, Spain and France will mean that countries will have trouble repaying their debt.

If European countries can't stem the financial crisis there, it could hinder economic growth. That would cut demand for metals like copper and palladium, which are used as raw materials in manufacturing.

Oil prices shot higher. Benchmark crude closed above $100 per barrel for the first time since July.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111116/ap_on_bi_ge/us_commodities_review

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