IMF report predicts lower copper, aluminium prices by decade’s end

In metals markets on Wednesday, gold and silver were both higher. Gold was at $635.10/$636.10 per troy ounce at the end of the London trading day after going as high as $640.25 per troy ounce. Silver added 17 cents to $13.06/$13.13 per troy ounce.

Base metals were also higher on the day, while the International Monetary Fund issued a report saying that prices for both copper and aluminium will decline sharply by the end of the decade. The report predicts that copper prices will drop by 57 percent by 2010, while aluminium prices will be 35 percent lower. Three-month copper was $125 higher on the session to $8,045 per tonne on the London Metal Exchange, while zinc added $90 to $3,710 per tonne and aluminium was was up by $60 to $2,635 per tonne.