Most metal prices down, nickel bucks trend

Led by silver prices, most metals were down on Thursday in what analysts called a correction for the commodities market.

Silver prices dropped to as low as $12.61 per troy ounce before going back up to $12.75/$12.95, more than 13 percent lower than Wednesday’s close. The declines came after silver was up to $14.98, a 23-year high, earlier in the day.

Gold and platinum also hit highs before dropping back. Gold was up to $6.45.75 per troy ounce, then went as low as $608.50 before settling at $617.50/$618.30, a decline of 2.6 percent on the day. Platinum prices went up to an all-time high of $1,127/$1,131 before dropping back to $1,098/$1,106, $19 lower than Wednesday’s closing quote.

Copper dropped 1.5 percent to $6,296.50 after the Mexican government said that they La Caridad mine strike there was illegal, and after Grupo Mexico said that it has imported copper and zinc from South America to keep its smelters busy. Zinc prices fell as well, to $3,077.5, from Wednedsay’s record high price of $3,195.

Nickel bucked the trend and hit a record high of $18,950.