Copper price up Friday, down on week

In the metals markets, gold dropped $4 Friday to $577.70/$578.00 by late afternoon in London. Gold has fallen 20 percent from its 25-year-high, reached on May 12. This was the first week in six weeks that gold has not advanced over the week.

Copper added $91 to trade at $6,709 per tonne by late afternoon on Friday, but was still $180 lower for the week. The declines came even though London Metal Exchange inventories are down to two days of world consumption of the metal and strikes are ongoing at two Mexican mines and threaten in Chile.

Aluminium on the LME lost $37 on Friday and $120 during the week to $2,448 per tonne, while zinc declined by $80 to $2,860 per tonne on Friday and dropped 7 percent over the week as inventories were up.