Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Friday 05th of September 2008
Monday, April 24, 2006

Metals hit new highs before declining

Story link: Metals hit new highs before declining
by Brian Turner
Metals hit new highs before declining

Prices for precious and base metals dropped on Monday, although they are still up substantially since the beginning of the year.

Silver his a high during the day of $13.19 per troy ounce during the day but by early in the day in New York it had dropped to $12.22 per troy ounce, a drop of seven percent from the day’s high and five percent off Friday’s close. The price of silver, however, is still up 38 percent since the first of the year. Analysts are attributing the gains silver has been seeing to the upcoming introduction of a silver-backed exchange traded fund, but it is not known when that will be launched.

Gold was down to $627.20/$628.10 per troy ounce, a drop of about $5 from its close on Friday and nearly $20 below the 25-year high price it hit last week.

Base metals hit new highs during the day before dropping back, as well. Copper hit a record $6,925 per tonne, or over $3 per pound, on the London Metal Exchange before settling to $6,765 late in the day, down $15 from Friday’s close. Meanwhile, the Chilean Copper commission set its average price forecast for 2006 at $2.60 to $2.64 per pound, up from its previous estimate of $1.72 to $1.76 per pound. It predicted that the average price for a pound of copper in 2007 would be between $2.40 and $2.44.

In other base metals, aluminium saw a high price of $2,789 per tonne before it dropped back to $2.729 late in the day, a loss of $49 from Friday’s closing price. Zinc also set a new record price at $3,360 per tonne before falling $45 from Friday’s close to $3,265 per tonne. Nickel was down $25 on the day to $19,375 per tonne after hitting a new record of $19.600 per tonne earlier. Despite the drop, nickel is still 27 percent higher than it was at the beginning of the month.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Metals hit new highs before declining

Copper hits fifth record high in a row ...

Most metals prices lower on session ...

Base metals up, precious metals lower ...

Gold declines slightly, other metals see new highs ...

Base metals hit new highs ...

Latest Metals News:

Latest News  Copper losses pull other metals prices lower

Latest News  Xstrata increases stake in Indophil

Latest News  BHP fatality closes Australian iron ore mines

Latest News  Palladium gains as other precious metals see declines

Latest News  EU halts investigations into BHP’s bid for Rio

Latest News  Aluminium falls amid gains for other base metals

Latest News  Lomin rejects Xstrata bid but leaves door ajar

Latest News  Metals drop with crude oil prices

Latest News  Antofagasta forges ahead despite rising costs

Latest News  Copper prices lower on jump in inventories


Previous: « Most metal prices down, nickel bucks trend
Next: Metals prices up again »

Visited 667 times, 1 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):