Copper higher on new strike concerns

Precious metals prices dropped on Tuesday. Gold declined by $12 to $637.90/$638.60 per troy ounce, while silver dropped 28 cents to $10.74 per troy ounce. Base metals prices, however, were higher. Three-month copper was $45 dollar higher to $7,785 per tonne on the London Metal Exchange even though a strike of Mexican miners at the Cananea copper mine ended on Monday. The possibility of a new strike at the world’s largest copper mine has investors concerned.